STRATTEC reports Q2 fiscal 2024 EPS of $0.26 vs loss of $0.47; revenue up 4.7%

STRATTEC SECURITY CORP

2024-Q2 EPS reported $1.30 revenue$253,938,000

Diluted EPS $0.26 compared to a loss of $0.47 in prior-year quarter; net income of $1.0M vs loss $1.8M.
Revenue $118.5M, +4.7% YoY, driven by $8.0M of customer pricing increases partially offset by $2.7M lower sales to a major customer and UAW strike effects.
Gross margin expanded to 11.4% from 6.5% due to pricing, lower raw material costs, and $780K Mexican operations efficiencies; offset by $2.5M FX headwinds and $1.3M Mexico minimum wage increase.
Operating cash flow negative $3.0M vs positive $4.0M last year, due to temporary working capital increases in inventory, customer tooling, and VAT recoverable.
Board changes: F. Jack Liebau appointed Chairman, Harold Stratton II Vice Chairman, effective January 5, 2024.

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 0.99

STRATTEC SECURITY CORP reported Second Quarter Ending Dec. 31, 2023 results: revenue Net Sales $ 118,532 $ 113,184 $ 5,348, net income Net Income $ 1,022 $ (1,839 ) $ 2,861, EPS Diluted Earnings Per Share $ 0.26 $ (0.47 ) $ 0.73.

Period: Second Quarter Ending Dec. 31, 2023
Revenue: Net Sales $ 118,532 $ 113,184 $ 5,348
Net income: Net Income $ 1,022 $ (1,839 ) $ 2,861
EPS: Diluted Earnings Per Share $ 0.26 $ (0.47 ) $ 0.73
Result: reported results

Exact text from the filing

Second Quarter Fiscal 2024 Financial Summary Second Quarter Ending Dec. 31, 2023 Jan. 1, 2023 Inc (Dec) (Dollars in thousands, except per share data) Net Sales $ 118,532 $ 113,184 $ 5,348 Gross Profit $ 13,497 $ 7,387 $ 6,110 Gross Margin 11.4 % 6.5 % Operating Expenses $ 13,439 $ 12,081 $ 1,358 Operating Income $ 58 $ (4,694 ) $ 4,752 Net Income $ 1,022 $ (1,839 ) $ 2,861 Diluted Earnings Per Share $ 0.26 $ (0.47 ) $ 0.73

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Earnings Releases SEC 8-K Item 2.02 confidence 0.98

STRATTEC SECURITY CORP reported fiscal second quarter ended December 31, 2023 results: revenue Net Sales $118,532, net income Net Income $1,022, EPS $0.26.

Period: fiscal second quarter ended December 31, 2023
Revenue: Net Sales $118,532
Net income: Net Income $1,022
EPS: $0.26
Result: reported results

Exact text from the filing

our customers.” Second Quarter Fiscal 2024 Financial Summary Second Quarter Ending Dec. 31, 2023 Jan. 1, 2023 Inc (Dec) (Dollars in thousands, except per share data) Net Sales $ 118,532 $ 113,184 $ 5,348 Gross Profit $ 13,497 $ 7,387 $ 6,110 Gross Margin 11.4 % 6.5 % Operating Expenses $ 13,439 $ 12,081 $ 1,358 Operating Income $ 58 $ (4,694 ) $ 4,752 Net Income

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Source: SEC EDGAR

accession 0001140361-24-006393

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