STRATTEC reports Q1 FY2023 sales up 20% to $120.4M; EPS flat at $0.03

STRATTEC SECURITY CORP

2023-Q1 EPS reported $0.03 revenue$120,360,000

Net sales $120.4M (+20% YoY) driven by improved chip availability; diluted EPS $0.03 unchanged.
Gross margin fell to 10.4% from 12.5% due to higher material and labor costs.
Sales to GM $38.2M, Ford $24.6M, Stellantis $17.2M; Hyundai/Kia declined to $8.3M.
Equity income from VAST LLC JV improved to $527K from a $251K loss.
Management cites inflationary headwinds, but investing in EV opportunities and maintaining inventory.

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