STRATTEC Q1 FY2024 sales up 12.5% to $135.4M; EPS $1.05 vs $0.03

STRATTEC SECURITY CORP

2023-Q1 EPS reported $1.05 revenue$135,406,000

Net sales $135.4M (Q1 ended Oct 1, 2023), up 12.5% from $120.4M; net income $4.2M vs $125k.
Gross margin improved to 13.8% from 10.4%; $10.8M in pricing relief, including $8M one-time retroactive.
Sales increases from Stellantis minivan and Ford Super Duty new power end gate content; Tier 1 customers also higher.
CEO Frank Krejci: UAW strike escalated in Oct affecting high-volume trucks/SUVs; earnings to be negatively impacted until resolved.
Exited VAST LLC joint venture (sold 1/3 interest for $18.5M), gained full ownership of STRATTEC Power Access Group.

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 0.9

STRATTEC SECURITY CORP reported the fiscal first quarter ended October 1, 2023 results: revenue $135.4 million, net income $4.2 million, EPS $1.05.

Period: the fiscal first quarter ended October 1, 2023
Revenue: $135.4 million
Net income: $4.2 million
EPS: $1.05
Result: reported results

Exact text from the filing

STRATTEC SECURITY CORPORATION (“STRATTEC” or the “Company”) (NASDAQ:STRT) today reported operating results for the fiscal first quarter ended October 1, 2023. Net sales for the first quarter ended October 1, 2023 were $135.4 million, compared to net sales of $120.4 million for the first quarter ended October 2, 2022. Net income was $4.2 million in the current year first quarter, compared to net income of $125,000 in the prior year first quarter. Diluted earnings per share for the current year quarter were $1.05 and for the prior year first quarter were $0.03.

View on SEC.gov

Browse all earnings releases →

STRATTEC SECURITY CORP filing history →

Source: SEC EDGAR

accession 0001140361-23-049692

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.