STRATTEC reports Q4 net loss of $2.7M; full year loss $6.7M; completes equity restructure with WITTE

STRATTEC SECURITY CORP

2023-FY EPS reported -$1.70 revenue$492,946,000

Q4 net sales $132.2M (+7.4% YoY) but gross margin fell to 9.3% from 11.3% due to input costs and peso headwinds.
Diluted loss per share $0.69 vs $0.10 EPS a year ago; includes $1.19/share loss from equity restructuring agreement.
Full year net loss $6.7M ($1.70 loss per share) vs $7.0M income ($1.79 EPS) prior year.
Completed restructuring: sold VAST LLC stake for $18.5M cash, gained 100% of Power Access LLC, and acquired Korea branch assets.
Management cites $10M+ margin hit from Mexican wage increases and peso weakness; expects pricing negotiations in FY24.

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 financial results for the fiscal fourth quarter and year ended July 2, 2023.

Period: the fiscal fourth quarter and year ended July 2, 2023
Result: reported results

Exact text from the filing

On August 10, 2023, STRATTEC SECURITY CORPORATION issued a press release (the " Press Release ") announcing results for the fiscal fourth quarter and year ended July 2, 2023.

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Source: SEC EDGAR

accession 0001140361-23-039076

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