NAUGATUCK — The Eastern Company reported its results from the third quarter and the first nine months of the year.
In a press release, the company announced its net sales for the third quarter were $36.1 million, an increase of 6 percent compared to the third quarter in 2010. Net income for the third quarter was $1.5 million or $0.24 per diluted share, which equals the net income from the third quarter in 2010.
Net sales for the first nine months of 2011 were $104.8 million an 8 percent increase from the same period last year, according to the release. Year-to-date earnings for the first nine months were $4 million or $0.65 per diluted share, compared to $3.9 million or $0.63 per diluted share for the same period in 2010.
“Sales in both the third quarter and nine month periods improved over sales in the comparable periods in 2010, however, we are still experiencing softness in some of our diverse markets. Year-to-date results have been impacted by factors including lower than expected sales to the military market as a result of reduced government spending, the start-up costs we incurred to establish our new composite panel manufacturing facility in Ontario, Canada, lower than anticipated sales on new products for the commercial laundry industry as well as margin pressure caused by ongoing cost increases. Overall though, we are pleased with the operating results this year,” said Eastern Company Chair, President and CEO Leonard Leganza in the release.
The Eastern Company is a manufacturer of industrial hardware, security products, and metal casting. The company operates from 10 locations in the U.S., Canada, Mexico, Taiwan and China, including offices in Naugatuck.
“Despite the uncertain current state of the economy, we expect that all of our business segments will experience growth in sales in 2011 when compared to 2010,” Leganza said.