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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.
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.
STRATTEC SECURITY CORPORATION (NASDAQ:STRT) reported net sales of $113.2 million for the fiscal second quarter ended January 1, 2023, a modest increase from $112.9 million in the previous year. However, the company recorded a net loss of $1.8 million, a decline from net income of $3.4 million a year prior, resulting in a diluted loss per share of $0.47 compared to $0.87. Increased costs due to inflation and supply chain challenges, particularly in semiconductor availability, negatively affected profitability, with gross profit margins dropping to 6.5% from 13.2%. Despite stable overall sales, the company faces ongoing pressure from higher raw material costs, especially zinc and resin.
STRATTEC SECURITY CORPORATION (NASDAQ: STRT) reported a 20% increase in net sales to $120.4 million for Q1 of fiscal 2023, compared to $100.3 million in Q1 2022. Net income rose to $128,000, matching EPS at $0.03. Sales growth was driven by improved semiconductor chip availability, particularly for General Motors and Ford. However, gross profit margins decreased to 10.4% from 12.5% due to rising materials and labor costs. The company acknowledged challenges in implementing price increases and noted ongoing supply chain issues.
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