STRATTEC Q3 FY2022 EPS $0.80 vs $1.15 YoY; sales $115.9M down 5%

STRATTEC SECURITY CORP

2022-Q3 EPS reported $1.70 revenue$329,192,000

Net sales $115.9M, down 5% from $121.6M in Q3 FY2021.
Net income $3.1M vs $4.5M; diluted EPS $0.80 vs $1.15.
Gross margin fell to 12.6% from 15.3% on higher raw material costs and Mexican minimum wage.
Customer production shutdowns due to semiconductor chip shortages continued to impact results.
CEO notes COVID lockdowns in China as new headwind but sees long-term opportunities in EVs and power tailgate products.

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