Eastern Q2 sales fell 12% to $61.8 million; GAAP profit rose on one-time gain
The Eastern Company reported second quarter 2026 net sales of $61.8 million, down 12% from $70.2 million a year earlier, and adjusted EBITDA of $3.4 million, down about 49% from $6.7 million. GAAP diluted earnings per share rose to $0.94 from $0.33, but that figure includes a one-time, non-cash bargain purchase gain of $6.5 million tied to its June 1, 2026 acquisition of Sungear and Crown Precision. The filing gives no updated financial guidance.
Key points
- Net sales fell 12% to $61.8 million, with lower truck mirror, returnable packaging and latch and handle shipments partly offset by $1.7 million of aerospace sales from the acquisition
- Adjusted net income from continuing operations was $0.9 million, or $0.15 per diluted share, versus $0.57 a year earlier
- GAAP net income from continuing operations was $5.6 million, or $0.94 per diluted share, including the $6.5 million bargain purchase gain
- Backlog rose 45% year over year to $126.2 million; total debt increased $8.8 million to $41.7 million
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 11, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.