The Eastern Company (NASDAQ:EML) Q3 2023 Earnings Call Transcript

Mark Hernandez: Yeah. So the ACT who does the truck market analysis is predicting some softening of the Class 8 market. However, that’s more than made up for with medium duties segments. So we think the commercial vehicle space will still be strong going in or at least equal to what it was this year. The commercial vehicle space has been limited by suppliers, particularly on frame rails. As they work through that bottleneck of supply, we have indications that all the OEMs want to produce more in 2024 than it did in 2023. On the automotive side, yes, the turmoil of the last few months in the automotive industry has caused the automotive companies to take a pause on how they move forward with their program launches. But like I said, they haven’t changed their dates and the forecast for 2024 for program launches is substantially higher than it was in 2023. We look at those as positive indicators going forward for 2023 in the automotive segment.

Ross Davisson: Okay. That’s great. That’s really helpful. I appreciate all the color. Thank you.

Operator: Thank you. There were no other questions from the lines at this time. I would now like to hand the call back to Mark Hernandez for closing remarks.

Mark Hernandez: Okay. Thanks, Operator. Thanks again for joining us today. You have heard our strategy and focus on bringing positive changes and improvements — improved results in 2023, establishing a sound foundation for the future. Going forward, we remain committed to drive earnings, cash flow, paying down debt and when appropriate, pursuing M&A opportunities to accelerate our objectives. We look forward to sharing more evidence of our progress with you after the fourth quarter. If you would like more information in the meantime, please reach out to us. Thank you.

Operator: Thank you. This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.