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Strattec Security Corp. (STRT), headquartered in Milwaukee, Wisconsin, is a leading global producer of automotive locks and keys. The company designs, develops, manufactures, and markets a wide range of mechanical locks, electronically enhanced locks, and keys. Strattec also creates ignition lock housings and various access control products, such as latches, power sliding door systems, power lift gate systems, power deck lid systems, door handles, and related access control products serving North American and global automotive customers.
Strattec has an expansive reach, shipping products to locations in the United States, Canada, Mexico, Europe, South America, Korea, and China. The company ensures comprehensive aftermarket support for its customers. In addition to the automotive sector, Strattec supplies security products for the heavy truck and recreational vehicle markets, as well as precision die castings.
The company's mission is to deliver high-value mechanical, electro-mechanical, and electronic security and access control products for the global motor vehicle industry. Strattec's recent achievements include a notable increase in revenues thanks to negotiated pricing relief and higher sales to major clients like Ford Motor Company and Stellantis. Effective June 30, 2023, Strattec enhanced its financial position by selling its one-third interest in VAST LLC, which generated an $18.5 million cash inflow and provided greater operational flexibility.
Leadership transitions are also on the horizon, with Senior Vice President – Operations and Chief Operating Officer Rolando Guillot set to serve as Interim CEO starting January 1, 2024, while a national executive search firm finds a permanent successor. Long-standing President and CEO Frank Krejci, who has been with Strattec since its inception, will be stepping down, leaving a legacy of growth and stability within the company.
From a financial standpoint, Strattec has shown resilience and adaptability. The company reported significant improvements in its quarterly earnings, driven by customer pricing increases and heightened sales. For instance, the recent quarters saw earnings per share rise to $0.26 and $0.37, respectively, following periods of financial losses.
STRATTEC SECURITY (Nasdaq: STRT) announced plans to list its Milwaukee facility for sale as part of its operational modernization strategy. The company will evaluate opportunities for upgraded manufacturing and office spaces in the Milwaukee area. In Q1 2025, STRATTEC will reduce operations from three shifts to two at its Milwaukee location, resulting in approximately 20 direct labor role eliminations. The company will also transition to a 10-hour, 4-day work week from the current 8-hour, 5-day schedule, a change welcomed by the manufacturing team. The facility evaluation process is expected to take several months to complete.
STRATTEC SECURITY (Nasdaq: STRT) has appointed Matthew Pauli as Senior Vice President and Chief Financial Officer, effective November 13, 2024. Pauli succeeds Dennis Bowe, who will continue in an advisory role during the transition. Pauli brings over 20 years of financial management experience, most recently serving as Executive Advisor and CFO of CentroMotion. The appointment aligns with STRATTEC's ongoing transformation, focusing on operational change, data analytics, and information systems. CEO Jennifer Slater emphasized the need for operational financial proficiency to achieve more predictable financial outcomes and drive cash generation.
STRATTEC SECURITY reported financial results for Q1 FY2025, showing revenue growth of 2.7% year-over-year to $139.1 million. The company generated $11.3 million in cash from operations and reduced pre-production costs by $6.9 million. Gross margin was 13.6% compared to 13.8% in the prior year. Net income attributable to STRATTEC was $3.7 million with diluted earnings per share of $0.92. Sales increases were noted in Hyundai/Kia and Ford segments, while Stellantis sales declined due to inventory destocking. The company appointed new chief people and commercial officers as part of its business model restructuring efforts.
STRATTEC SECURITY (Nasdaq: STRT) has appointed Chey Becker-Varto as Chief Commercial Officer and Linda Redmann as Chief People Officer, effective November 11, 2024. Both will report to CEO Jennifer L. Slater. Becker-Varto, previously Chief Commercial Officer at Vayan Group, brings experience in driving revenue growth and implementing sophisticated customer management systems. Redmann, formerly an Executive HR Consultant at Korn Ferry and Bolder HR, brings expertise in human capital strategies and organizational transformation. These appointments are part of STRATTEC's strategy to strengthen its organizational structure and improve business performance.
STRATTEC SECURITY (Nasdaq: STRT), a leading provider of smart vehicle power access and security solutions, has announced its participation in the 48th Annual Gabelli Automotive Symposium in Las Vegas. Jennifer L. Slater, President and CEO, and Dennis P. Bowe, CFO, will present on November 5, 2024, at 8:30 am PT. The presentation will be available via webcast live and replay on the company's investor relations website, along with presentation materials. Management will also host investor meetings during the event.
STRATTEC SECURITY (Nasdaq: STRT), a leading provider of smart vehicle power access, security & authorization solutions for the global automotive industry, has announced its upcoming first quarter fiscal year 2025 financial results conference call and webcast. The company will release its results for the period ended September 29, 2024, after the close of financial markets on Monday, November 4, 2024.
The conference call and webcast are scheduled for 4:45 p.m. Eastern Time on the same day. Investors can access the call by dialing (201) 689-8470. A webcast and accompanying slide presentation will be available on the company's investor relations website at investors.strattec.com. A telephonic replay will be accessible until November 18, 2024, by dialing (412) 317-6671 and entering replay PIN 13749209.
STRATTEC SECURITY (Nasdaq: STRT), a leading provider of smart vehicle power access and electronic security solutions for the global automotive industry, has announced its participation in the Sidoti Small Cap Virtual Conference on September 18, 2024. Jennifer L. Slater, President and CEO, and Dennis P. Bowe, CFO, will present at 10:00 a.m. Eastern Time and host investor meetings.
The presentation will be accessible via live audio webcast with accompanying slides at investors.strattec.com. An archive of the presentation will also be available at the same link following the conference, providing investors with an opportunity to gain insights into STRATTEC's operations and future plans.
STRATTEC SECURITY (NASDAQ:STRT) reported strong financial results for Q4 and full-year fiscal 2024. Q4 highlights include:
- Diluted EPS of $2.39 vs $0.69 loss last year
- Gross margins expanded to 13.0% from 9.3%
- Revenue increased 8.2% to $143.1 million
- Net income of $9.6 million vs $2.7 million loss
Full-year results showed significant improvement:
- Revenue up 9.1% to $537.8 million
- Net income of $16.3 million vs $6.7 million loss
- Diluted EPS of $4.07 vs $1.70 loss
Growth was driven by customer price increases, new product sales, and improved operational efficiency. The company ended the quarter with $25.4 million in cash and $13.0 million in debt.
The Board of Directors of STRATTEC SECURITY (NASDAQ:STRT) has appointed Jennifer L. Slater as President and CEO, effective July 1, 2024. Slater, a seasoned executive from Sensata Technologies, Inc., brings over 25 years of experience in leadership roles across various sectors, including engineering, finance, and strategy. Her notable achievements include transforming Sensata's Performance Sensing business and driving a $3.3 billion battery business at Clarios. Board Chair F. Jack Liebau Jr. praised Slater's extensive automotive industry experience and commitment to growth and shareholder value. The Board thanked interim CEO Rolando Guilott for his service. Slater expressed enthusiasm for leading STRATTEC, emphasizing her focus on growth in the automotive products industry.
STRATTEC SECURITY reported an improvement in earnings per share for the third fiscal quarter of 2024, with $0.37 compared to a $0.57 loss last year. This positive result was driven by customer pricing increases and higher sales. The company's gross margins expanded to 10.4% from 7.9% last year, with revenues increasing by 10.7% due to pricing increases and new product sales. Despite challenges like labor costs and currency exchange effects, STRATTEC remains focused on optimizing operations and maintaining a strong balance sheet.
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