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Strattec Security Corporation reports news about its role as a global provider of engineered vehicle access, security and authorization solutions for automotive and mobility customers. Company updates center on power access solutions, latches, vehicle start systems, keys, fobs, locks and locksets, door handles, and related access products used by vehicle manufacturers.
Recurring coverage includes quarterly financial results, OEM production-volume effects, pricing and cost-reduction actions, restructuring savings, foreign-exchange and tariff pressures, cash generation, and business-transformation initiatives. News also covers brand and portfolio updates around Permission, Motion and Hold access capabilities, investor conference participation, and collaboration themes with automotive OEMs.
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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.
STRATTEC SECURITY CORPORATION (NASDAQ: STRT) reported a 20% increase in net sales to $120.4 million for Q1 of fiscal 2023, compared to $100.3 million in Q1 2022. Net income rose to $128,000, matching EPS at $0.03. Sales growth was driven by improved semiconductor chip availability, particularly for General Motors and Ford. However, gross profit margins decreased to 10.4% from 12.5% due to rising materials and labor costs. The company acknowledged challenges in implementing price increases and noted ongoing supply chain issues.
STRATTEC SECURITY CORPORATION (NASDAQ:STRT) reported its fiscal Q4 and full-year results for the period ended July 3, 2022. Q4 net sales rose to $123.1 million from $110.1 million year-over-year, aided by an additional week of sales. However, net income plummeted to $391,000 vs. $2.9 million in the prior year, with diluted EPS dropping from $0.75 to $0.10, impacted by higher raw material costs and reduced output due to OEM disruptions and COVID-19. Full-year net sales declined to $452.3 million from $485.3 million, with net income at $7.0 million compared to $22.5 million last year.
STRATTEC SECURITY CORPORATION (NASDAQ:STRT) reported a net sales decline to $115.9 million for the fiscal third quarter ended March 27, 2022, down from $121.6 million year-over-year. Net income fell to $3.1 million, with diluted earnings per share dropping to $0.80 compared to $1.15. For the nine-month period, net sales were $329.2 million and net income at $6.6 million, both lower than previous periods. The decline is attributed to supply chain shortages, particularly semiconductor chips, affecting production. Gross profit margins decreased to 12.6% from 15.3% due to increased raw material costs.