Strattec posts Q3 net loss of $2.3M; sales up 10% to $127.2M but margin slumps

STRATTEC SECURITY CORP

2023-Q3 EPS reported -$1.01 revenue$360,727,000

Net loss $2.3M ($0.57 diluted loss per share) vs net income $3.1M ($0.80 EPS) a year ago.
Sales rose to $127.2M from $115.9M driven by improved chip availability at GM, Ford, Hyundai/Kia.
Gross margin fell to 7.9% from 12.6% on inflation, Mexico wage hike, FX, and $1.3M warranty provision.
Stellantis sales declined to $21.6M from $23.0M due to plant shutdowns; aftermarket sales also down.
CEO cited ongoing cost pressures but expects benefit from new business launches and efficiency efforts.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

STRATTEC SECURITY CORP reported fiscal third quarter ended April 2, 2023 results: revenue $127.2 million, net income Net loss was $2.3 million, EPS Diluted loss per share for the current year third quarter was $0.57.

Period: fiscal third quarter ended April 2, 2023
Revenue: $127.2 million
Net income: Net loss was $2.3 million
EPS: Diluted loss per share for the current year third quarter was $0.57
Result: reported results

Exact text from the filing

STRATTEC SECURITY CORPORATION REPORTS FISCAL 2023 THIRD QUARTER OPERATING RESULTS Milwaukee, Wisconsin – April 27, 2023 -- STRATTEC SECURITY CORPORATION ("STRATTEC" or the "Company") (NASDAQ:STRT) today reported operating results for the fiscal third quarter ended April 2, 2023. Net sales for the third quarter ended April 2, 2023 were $127.2 million, compared to net sales of $115.9 million for the third quarter ended March 27, 2022. Net loss was $2.3 million in the current year third quarter, compared to net income of $3.1 million in the prior year third quarter. Diluted loss per share for the current year third quarter was $0.57 compared to diluted earnings per share of $0.80 in the prior year third quarter.

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Source: SEC EDGAR

accession 0001140361-23-020946

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