secwatch.observer — SEC 8-K summary
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Issuer:     STRATTEC SECURITY CORP (STRT)
CIK:        0000933034
Form:       8-K
Filed at:   2024-02-08T23:59:59+00:00
Accession:  0001140361-24-006393
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/933034/000114036124006393/0001140361-24-006393-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/933034/000114036124006393/ef20020613_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-006393

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