Eastern Company reports growth

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NAUGATUCK— The Eastern Company recently announced sales and net income are up over the second quarter and first six months of 2011 compared to the same time last year.

The Eastern Company is a manufacture of industrial hardware, security products, and metal castings with ten locations in the U.S., including Naugatuck, Canada, Mexico, Taiwan, and China.

In a prepared release, the company reported that its operations sales for the quarter were $35.5 million, an increase of 9 percent over last year. Net income for the quarter was $1.5 million or 24 cents per diluted share, a 5 percent increase over last year.

Net sales for the first six months of 2011 for the company were $68.7 million, an increase of 8 percent over the same time period last year, the release stated. Net income for the first six months of 2011 was $2.6 million or 42 cents per diluted share, compared to $2.4 million over the first six months of 2010.

“Despite the current state of the economy, we expect that all of our business segments will experience growth in sales and earnings for the full year compared to 2010,” said Leonard Leganza, chairman, president and CEO of the Eastern Company in the release. “Our strong financial commitment will also allow us to continue our current dividend policy and to invest in capital equipment where needed. We will continue in 2011 to take whatever measures necessary to enhance shareholder value.”