secwatch.observer — SEC 8-K summary
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Issuer:     STRATTEC SECURITY CORP (STRT)
CIK:        0000933034
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0001140361-23-020946
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/933034/000114036123020946/0001140361-23-020946-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/933034/000114036123020946/brhc20052058_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-020946

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