secwatch.observer — SEC 8-K summary
======================================

Issuer:     STRATTEC SECURITY CORP (STRT)
CIK:        0000933034
Form:       8-K
Filed at:   2023-10-26T23:59:59+00:00
Accession:  0001140361-23-049692
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/933034/000114036123049692/0001140361-23-049692-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/933034/000114036123049692/ef20013191_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-049692

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer