STRATTEC reports fiscal Q4 EPS $0.10 vs $0.75; net income drops 86% on cost headwinds

STRATTEC SECURITY CORP

2022-FY EPS reported $1.80 revenue$452,265,000

Q4 net sales $123.1M (14 weeks) vs $110.1M (13 wks); extra week added ~$7.4M; net income $0.4M vs $2.9M.
Full-year net sales $452.3M vs $485.3M; diluted EPS $1.80 vs $5.85; gross margin 11.3% vs 13.9%.
Higher raw material costs hurt gross margin by 340 bps; Mexican min wage increase; VAST China JV shut on COVID restrictions.
Sales increased at GM, Stellantis, Ford, Tier1; declined at Hyundai/Kia and Commercial/OEM.

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