Welcome to our dedicated page for Strattec Sec news (Ticker: STRT), a resource for investors and traders seeking the latest updates and insights on Strattec Sec stock.
Strattec Security Corp (STRT) delivers innovative automotive security solutions through mechanical and electronic locking systems. This news hub provides investors and industry professionals with essential updates on the company’s strategic developments and market activities.
Track official announcements including quarterly earnings reports, product innovation launches, and strategic partnerships. Our curated collection offers insights into Strattec’s advancements in vehicle access control systems and global distribution network expansions.
Discover updates on key operational areas such as precision die casting applications, aftermarket service initiatives, and technological enhancements to security components. This resource enables stakeholders to monitor the company’s position in the competitive automotive components sector.
Bookmark this page for streamlined access to verified information about Strattec’s business performance and industry contributions. Check regularly for new developments affecting automotive security solutions across passenger vehicles and commercial transportation markets.
STRATTEC SECURITY (NASDAQ:STRT) reported strong financial results for Q4 and full-year fiscal 2024. Q4 highlights include:
- Diluted EPS of $2.39 vs $0.69 loss last year
- Gross margins expanded to 13.0% from 9.3%
- Revenue increased 8.2% to $143.1 million
- Net income of $9.6 million vs $2.7 million loss
Full-year results showed significant improvement:
- Revenue up 9.1% to $537.8 million
- Net income of $16.3 million vs $6.7 million loss
- Diluted EPS of $4.07 vs $1.70 loss
Growth was driven by customer price increases, new product sales, and improved operational efficiency. The company ended the quarter with $25.4 million in cash and $13.0 million in debt.
The Board of Directors of STRATTEC SECURITY (NASDAQ:STRT) has appointed Jennifer L. Slater as President and CEO, effective July 1, 2024. Slater, a seasoned executive from Sensata Technologies, Inc., brings over 25 years of experience in leadership roles across various sectors, including engineering, finance, and strategy. Her notable achievements include transforming Sensata's Performance Sensing business and driving a $3.3 billion battery business at Clarios. Board Chair F. Jack Liebau Jr. praised Slater's extensive automotive industry experience and commitment to growth and shareholder value. The Board thanked interim CEO Rolando Guilott for his service. Slater expressed enthusiasm for leading STRATTEC, emphasizing her focus on growth in the automotive products industry.
STRATTEC SECURITY reported an improvement in earnings per share for the third fiscal quarter of 2024, with $0.37 compared to a $0.57 loss last year. This positive result was driven by customer pricing increases and higher sales. The company's gross margins expanded to 10.4% from 7.9% last year, with revenues increasing by 10.7% due to pricing increases and new product sales. Despite challenges like labor costs and currency exchange effects, STRATTEC remains focused on optimizing operations and maintaining a strong balance sheet.
STRATTEC SECURITY CORPORATION (NASDAQ:STRT) reported net sales of $113.2 million for the fiscal second quarter ended January 1, 2023, a modest increase from $112.9 million in the previous year. However, the company recorded a net loss of $1.8 million, a decline from net income of $3.4 million a year prior, resulting in a diluted loss per share of $0.47 compared to $0.87. Increased costs due to inflation and supply chain challenges, particularly in semiconductor availability, negatively affected profitability, with gross profit margins dropping to 6.5% from 13.2%. Despite stable overall sales, the company faces ongoing pressure from higher raw material costs, especially zinc and resin.
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