EXHIBIT 99.1

FOR IMMEDIATE RELEASE               

THE EASTERN COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

SHELTON, CT – March 11, 2025 - The Eastern Company (“Eastern” or the “Company”) (NASDAQ:EML), an industrial manufacturer of unique engineered solutions serving commercial transportation, logistics, and other industrial markets, today announced the results of operations for the fourth fiscal quarter and full year ended December 28, 2024.

Chief Executive Officer Ryan Schroeder commented, “2024 was a year of continued progress for The Eastern Company.  Through a series of actions taken throughout the past year, we furthered our goals for the Company's core operations, enhancing our operating efficiency, reducing costs, and setting the stage for long-term growth and shareholder value creation. As the year drew to a close, we also reassessed the Company’s needs for the future, reviewing both our portfolio of businesses and the composition of our leadership team.

“Since I joined Eastern in November 2024, we have appointed new presidents for two of our three operating businesses. All three of the Company’s businesses are now headed by leaders with the hands-on operational expertise, insights and entrepreneurial spirit needed to accelerate their business’s revenue growth and profitability. Together, we are working hard to capitalize on the strong brand presence each business has in its market, enhance their commercial and product development activities, and expand their market share by selling a more complete set of products. Through a focused commercial business strategy and a decentralized management approach, we believe we can best fulfill our customers’ needs and enable Eastern to realize its full operational and financial potential.”

Mr. Schroeder concluded, “Simply put, our top priority for 2025 is to execute faster and more effectively, positioning all of Eastern’s businesses for stronger long-term competitiveness through an intense focus on performing in the top decile of each of our markets. Although today’s business environment is challenging due to the uncertain macroenvironment and geopolitical events, we have been preparing for these challenges by developing nimble supply chains and believe we are well positioned for continued success. We are excited about Eastern’s potential as we move forward with our new leadership team and plans.”

Fourth Quarter and Full Year 2024 Financial Results

The following analysis excludes discontinued operations.

Net sales in the fourth quarter of 2024 increased 4.5% to $66.7 million from $63.8 million in the fourth quarter of 2023. Sales increases were due to higher demand for returnable transport packaging products, partially offset by lower demand for truck accessories and truck mirror assemblies. Net sales for the full year 2024 increased 5% to $272.8 million from $258.9 million in 2023. The sales increase in 2024 was primarily due to higher demand for truck mirror assemblies and returnable transport packaging products.

Gross margin as a percentage of net sales for the fourth quarter of 2024 was 23.0% compared to 26.8% in the prior year fourth quarter. The decrease was primarily due to higher material costs in the fourth quarter of 2024 and a favorable adjustment to the LIFO reserve in the fourth quarter of 2023 that did not recur in the fourth quarter of 2024.  In the full year 2024, gross margin as a percentage of sales was 24.7% compared to 23.9% in 2023, primarily due to the impact of improved pricing and various cost-savings initiatives.

Selling and administrative expenses in the fourth quarter of 2024 increased 11.0% compared to the fourth quarter of 2023, primarily due to increased payroll-related expenses, legal and professional expenses and selling costs. As a percentage of net sales, selling and administrative costs were 16.8% for the fourth quarter of 2024 compared to 15.8% for the corresponding period in 2023. In the full year 2024, selling and administrative expenses increased $3.1 million or 7.9% to $42.2 million from $39.1 million in 2023. The increase was primarily due to increased payroll-related expenses, legal and professional expenses, and travel-related expenses.

3 ENTERPRISE DRIVE, SUITE 408, SHELTON, CONNECTICUT  06484

PHONE (203) 729 - 2255  *  FAX (203) 723 - 8653  *  WWW.EASTERNCOMPANY.COM

Net income for the fourth quarter of 2024 was $1.6 million, or $0.26 per diluted share, compared to $3.9 million, or $0.63 per diluted share, in 2023. Net income for 2024 increased 12% to $13.2 million, or $2.13 per diluted share, compared to $11.8 million, or $1.88 per diluted share, in 2023.

Adjusted net income from continuing operations (a non-GAAP measure) for the fourth quarter of fiscal 2024 was $2.6 million, or $0.42 per diluted share, compared to adjusted net income from continuing operations of $3.9 million, or $0.63 per diluted share, for the comparable period in 2023. For the year ended December 28, 2024, adjusted net income from continuing operations was $14.2 million, or $2.29 per diluted share, compared to $13.4 million, or $2.14 per diluted share for the year ended December 30, 2023. Adjusted EBITDA from continuing operations (a non-GAAP measure) for the fourth quarter of fiscal 2024 was $5.7 million compared to adjusted EBITDA from continuing operations of $6.9 million for the 2023 period.  For the year ended December 28, 2024, adjusted EBITDA from continuing operations was $27.1 million compared to $25.4 million for 2023.  See “Non-GAAP Financial Measures” below and the reconciliation table accompanying this release.

During the fourth quarter of fiscal 2024, the Company repurchased 39,337 shares of common stock under its share repurchase program authorized in August 2023.

Conference Call and Webcast

The Eastern Company will host a conference call to discuss its results for the fourth quarter and full year 2024 on Wednesday, March 12 at 11:00 AM Eastern Time. Participants can access the conference call by phone at 888-506-0062 (toll-free in the US and Canada) or 973-528-0011 (international), using access code 184305. Participants can also join via the web at https://www.webcaster4.com/Webcast/Page/1757/52022.

About The Eastern Company

The Eastern Company manages industrial businesses that design, manufacture and sell unique engineered solutions to markets. Eastern’s businesses operate in industries that offer long-term macroeconomic growth opportunities. The Company operates from locations in the U.S., Canada, Mexico, Taiwan, and China. More information on the Company can be found at www.easterncompany.com.

Safe Harbor for Forward-Looking Statements

Statements contained in this press release that are not based on historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.   Forward-looking statements may be identified by the use of forward-looking terminology such as “would,” “should,” “could,” “may,” “will,” “expect,” “believe,” “estimate,” “anticipate,” “intend,” “continue,” “plan,” “potential,” “opportunities,” or similar terms or variations of those terms or the negative of those terms. There are many factors that affect the Company’s business and the results of its operations and that may cause the actual results of operations in future periods to differ materially from those currently expected or anticipated. These factors include:

The Company is also subject to other risks identified and discussed in Item 1A, Risk Factors, and Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024, which was filed with the Securities and Exchange Commission on March 11, 2025 and that may be identified from time to time in our quarterly reports on Form 10-Q, current reports on Form 8-K and other filings we make with the Securities and Exchange Commission (the “SEC”). Although the Company believes it has an appropriate business strategy and the resources necessary for its operations, future revenue and margin trends cannot be reliably predicted and the Company may alter its business strategies to address changing conditions. Also, the Company makes estimates and assumptions that may materially affect reported amounts and disclosures. These relate to valuation allowances for accounts receivable and excess and obsolete inventories, accruals for pensions and other postretirement benefits (including forecasted future cost increases and returns on plan assets), provisions for depreciation (estimating useful lives), uncertain tax positions, and, on occasion, accruals for contingent losses. The Company undertakes no obligation to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether because of new information, future events, or otherwise, except as required by law.

Non-GAAP Financial Measures

The non-GAAP financial measures we provide in this report should be viewed in addition to, and not as an alternative for, results prepared in accordance with U.S. GAAP.

To supplement the consolidated financial statements prepared in accordance with U.S. GAAP, we have presented Adjusted Net Income from Continuing Operations, Adjusted Earnings Per Share from Continuing Operations and Adjusted EBITDA from Continuing Operations, which are considered non-GAAP financial measures. The non-GAAP financial measures presented may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures in the same way. These measures are not substitutes for their comparable U.S. GAAP financial measures, such as net sales, net income from continuing operations, diluted earnings per share from continuing operations, or other measures prescribed by U.S. GAAP, and there are limitations to using non-GAAP financial measures.

Adjusted Net Income from Continuing Operations is defined as net income from continuing operations excluding, when incurred, gains or losses that we do not believe reflect our ongoing operations, including, for example, the impacts of impairment losses, gains/losses on the sale of subsidiaries, property and facilities, transaction expenses primarily relating to acquisitions and divestitures, factory start-up costs, factory relocation expenses, executive severance, and restructuring costs.  Adjusted Net Income from Continuing Operations is a tool that can assist management and investors in comparing our performance on a consistent basis across periods by removing the impact of certain items that management believes do not directly reflect our underlying operating performance.

Adjusted Earnings Per Share from Continuing Operations is defined as earnings per share from continuing operations excluding, when incurred, certain per share gains or losses that we do not believe reflect our ongoing operations, including, for example, the impacts of impairment losses, gains/losses on the sale of subsidiaries, property and facilities, transaction expenses primarily relating to acquisitions and divestitures, factory start-up costs, factory relocation expenses, executive severance, and restructuring costs.  We believe that Adjusted Earnings Per Share from Continuing Operations provides important comparability of underlying operational results, allowing investors and management to access operating performance on a consistent basis from period to period.

Adjusted EBITDA from Operations is defined as net income from continuing operations before interest expense, provision for income taxes, and depreciation and amortization and excluding, when incurred, the impacts of certain losses or gains that we do not believe reflect our ongoing operations, including, for example, impairment losses, gains/losses on sale of subsidiaries, property and facilities, transaction expenses primarily relating to acquisitions and divestitures, factory start-up costs, factory relocation expenses, executive severance, and restructuring expenses.  Adjusted EBITDA from Operations is a tool that can assist management and investors in comparing our performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our underlying operations.

Management uses such measures to evaluate performance period over period, to analyze the underlying trends in our business, to assess our performance relative to our competitors, and to establish operational goals and forecasts that are used in allocating resources. These financial measures should not be considered in isolation from, or as a replacement for, U.S. GAAP financial measures.

We believe that presenting non-GAAP financial measures in addition to U.S. GAAP financial measures provides investors greater transparency to the information used by our management for its financial and operational decision-making. We further believe that providing this information better enables our investors to understand our operating performance and to evaluate the methodology used by management to evaluate and measure such performance.

Investor Relations Contacts

The Eastern Company

Ryan Schroeder or Nicholas Vlahos

203-729-2255

THE EASTERN COMPANY

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