STRATTEC SECURITY CORPORATION Reports Fiscal 2025 First Quarter Financial Results
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 ha riportato i risultati finanziari per il primo trimestre dell'esercizio fiscale 2025, mostrando una crescita del fatturato del 2,7% rispetto all'anno precedente, raggiungendo $139,1 milioni. L'azienda ha generato $11,3 milioni di liquidità dalle operazioni e ha ridotto i costi di pre-produzione di $6,9 milioni. Il margine lordo si è attestato al 13,6% rispetto al 13,8% dell'anno precedente. L'utile netto attribuibile a STRATTEC è stato di $3,7 milioni con un utile per azione diluito di $0,92. Sono stati registrati aumenti delle vendite nei segmenti Hyundai/Kia e Ford, mentre le vendite di Stellantis sono diminuite a causa della riduzione dell'inventario. L'azienda ha nominato nuovi dirigenti delle risorse umane e commerciali come parte dei suoi sforzi di ristrutturazione del modello di business.
STRATTEC SECURITY informó los resultados financieros para el primer trimestre del ejercicio fiscal 2025, mostrando un crecimiento de ingresos del 2,7% interanual, alcanzando $139,1 millones. La compañía generó $11,3 millones en efectivo de operaciones y redujo los costos de preproducción en $6,9 millones. El margen bruto fue del 13,6% en comparación con el 13,8% del año anterior. El ingreso neto atribuible a STRATTEC fue de $3,7 millones con ganancias diluidas por acción de $0,92. Se notaron aumentos en las ventas en los segmentos de Hyundai/Kia y Ford, mientras que las ventas de Stellantis disminuyeron debido a la reducción de inventarios. La empresa nombró nuevos directores de personal y comerciales como parte de sus esfuerzos de reestructuración del modelo de negocio.
STRATTEC SECURITY는 2025 회계연도 1분기 재무 결과를 발표했으며, 전년 대비 2.7% 성장한 $139.1백만 달러의 수익 성장을 보여주었습니다. 회사는 운영에서 $11.3백만 달러의 현금을 창출하고, 생산 전 비용을 $6.9백만 달러 줄였습니다. 총 마진은 전년의 13.8%에 비해 13.6%로 나타났습니다. STRATTEC에 귀속되는 순이익은 $3.7백만 달러였고, 희석 주당 순이익은 $0.92였습니다. 현대/기아 및 포드 부문에서는 판매 증가가 있었던 반면, 스텔란티스의 판매는 재고 감소로 감소했습니다. 회사는 비즈니스 모델 개편의 일환으로 새로운 인사 및 상업 담당자를 임명했습니다.
STRATTEC SECURITY a annoncé les résultats financiers pour le premier trimestre de l'exercice 2025, affichant une croissance des revenus de 2,7 % par rapport à l'année précédente, atteignant 139,1 millions de dollars. L'entreprise a généré 11,3 millions de dollars de cash provenant des opérations et a réduit les coûts de pré-production de 6,9 millions de dollars. La marge brute était de 13,6 % par rapport à 13,8 % l'année précédente. Le bénéfice net attribuable à STRATTEC était de 3,7 millions de dollars avec un bénéfice par action dilué de 0,92 $. Des augmentations de ventes ont été notées dans les segments Hyundai/Kia et Ford, tandis que les ventes de Stellantis ont diminué en raison du désengagement des stocks. L'entreprise a nommé de nouveaux responsables des ressources humaines et commerciaux dans le cadre de ses efforts de restructuration du modèle commercial.
STRATTEC SECURITY berichtete über die finanziellen Ergebnisse für das erste Quartal des Geschäftsjahres 2025, das ein Umsatzwachstum von 2,7 % im Vergleich zum Vorjahr auf $139,1 Millionen zeigte. Das Unternehmen erzielte $11,3 Millionen an Cash aus dem operativen Geschäft und reduzierte die Vorproduktionskosten um $6,9 Millionen. Die Bruttomarge betrug 13,6 % im Vergleich zu 13,8 % im Vorjahr. Der dem Unternehmen zuzurechnende Nettogewinn betrug $3,7 Millionen mit einem verwässerten Gewinn pro Aktie von $0,92. Bei den Verkaufszahlen wurden Zuwächse in den Segmenten Hyundai/Kia und Ford verzeichnet, während die Verkäufe von Stellantis aufgrund von Lagerabbau zurückgingen. Das Unternehmen ernannte neue Personen- und Vertriebsleiter als Teil seiner Bemühungen zur Umstrukturierung des Geschäftsmodells.
- Generated $11.3 million in cash from operations, compared to -$3.9 million last year
- Revenue grew 2.7% year-over-year to $139.1 million
- Reduced pre-production costs by $6.9 million
- Achieved $2.2 million in improved pricing
- Reduced raw material and component costs by $1.3 million
- Gross margin declined to 13.6% from 13.8% year-over-year
- Engineering, selling and administrative expenses increased by $1.2 million (9.9%)
- Operating income decreased by $1.0 million to $5.1 million
- Net income declined to $3.7 million from $4.2 million year-over-year
- Stellantis sales declined due to inventory destocking
Insights
STRATTEC's Q1 FY2025 results show mixed performance with some positive developments. Revenue grew 2.7% to
Notable strengths include new business wins with Aston Martin and increased content on Ford F-Series pickups. However, challenges persist with Stellantis due to inventory destocking. The company's focus on portfolio optimization and operational footprint improvements suggests potential restructuring ahead. With
The operational metrics reveal a company in transition. While benefiting from favorable FX rates (
The addition of key executive roles in commercial and human resources signals a comprehensive approach to transformation. With over 3,300 employees, strengthening organizational leadership will be important for executing operational improvements and achieving consistent profitability.
-
Generated cash from operations of
$11.3 million -
Reduced pre-production costs, primarily customer tooling, by
$6.9 million -
Grew revenue
2.7% year-over-year, reflecting ongoing pricing benefit and higher overall sales -
Achieved gross margin of
13.6% versus13.8% in prior-year period (which included a 470 bps net benefit of one-time pricing) - Rethinking product portfolio and identifying opportunities to optimize operational footprint and improve profitability
STRATTEC President and CEO Jennifer Slater said, “We delivered a solid quarter through improved pricing, favorable mix, and by providing innovative content on the right platforms. We are making headway on rethinking the STRATTEC business model including the evaluation of our product portfolio, determining an optimal operating and cost structure and developing a strategy to strengthen profitability and drive sustainability. We are in the very early stages of the process as we delve further into the operations to better understand the variability in performance of the business and what needs to change to provide more consistent, profitable results. We separately announced today the addition of a chief people officer, a new role for this organization of over 3,300 people. We also appointed a new chief commercial officer who brings a breadth of experience that incorporates the depth of knowledge required to grow revenue profitably. We expect to leverage the deep relationships we have with our customers and provide high quality, timely and value-added solutions for our mutual success.”
FY 2025 First Quarter Net Sales
(compared with prior-year period, except where otherwise noted)
Three Months Ended |
Change |
|||||||||
($ in thousands) |
9/29/2024 |
10/1/2023 |
$ |
% |
||||||
Adjusted Net Sales Attributable to STRATTEC |
$ |
139,052 |
$ |
127,406 |
|
$ |
11,646 |
|
9.1 |
% |
One-time retroactive pricing |
|
- |
|
8,000 |
|
(8,000 |
) |
-100.0 |
% |
|
Net Sales Attributable to STRATTEC |
$ |
139,052 |
$ |
135,406 |
|
$ |
3,646 |
|
2.7 |
% |
See Reconciliation of Net Sales Attributable to STRATTEC and Adjusted Net Sales Attributable to STRATTEC on Page 8 |
Net sales attributable to STRATTEC were
After taking into account the impact of ongoing price increases, the following summarizes noted changes to sales:
- Sales to Hyundai/Kia increased due to timing of customer demand for power door products
- Sales to Ford Motor Company grew from new tailgate latch content on the Ford F-Series pickups
- Sales to Commercial and Other OEM customers grew from new business with Aston Martin
- Sales to Stellantis declined primarily due to inventory destocking and lower production volumes
FY 2025 First Quarter Operation Review
(compared with prior-year period, except where otherwise noted)
Gross profit increased
Adjusted gross profit1 and adjusted gross margin1 improved as a result of favorable sales mix and change in foreign exchange (“FX”) rate of
($ in thousands) |
Three Months Ended |
||||||
|
9/29/2024 |
|
10/1/2023 |
||||
Gross profit |
$ |
18,921 |
|
|
$ |
18,720 |
|
Add back (deduct): |
|
|
|
||||
Retroactive pricing |
|
- |
|
|
(7,100 |
) |
|
Adjusted Gross Profit1 |
$ |
18,921 |
|
$ |
11,620 |
|
|
|
|
|
|
||||
Net sales |
$ |
139,052 |
|
$ |
135,406 |
|
|
Adjusted Net Sales |
$ |
139,052 |
|
|
$ |
127,406 |
|
Gross margin |
|
13.6 |
% |
|
13.8 |
% |
|
Adjusted Gross Margin |
|
13.6 |
% |
|
|
9.1 |
% |
See Reconciliation of Net Sales, Gross Profit and Gross Margin to non-GAAP Adjusted Net Sales, Adjusted Gross Profit and Adjusted Gross Margin on Page 8 |
Engineering, selling and administrative expenses increased
Net income attributable to STRATTEC was
1 Adjusted net sales, adjusted gross profit, adjusted gross margin, adjusted net income attributable to STRATTEC and adjusted diluted earnings per share are non-GAAP financial measure. Further information can be found under “Non-GAAP Financial Measures” and the reconciliations of GAAP financial measures to non-GAAP financial measures that accompany this press release. |
Balance Sheet and Liquidity
First quarter fiscal 2025 cash flow from operations was
At September 29, 2024, STRATTEC had
The Company’s
Webcast and Conference Call
The Company will host a conference call and webcast today to review the financial and operating results for the period ended September 29, 2024. A question-and-answer session will follow.
First Quarter Fiscal Year 2025 Conference Call |
||
Date: |
Monday, November 4, 2024 |
|
Time: |
4:45 p.m. Eastern Time |
|
Phone: |
(201) 689-8470 |
|
Webcast and accompanying slide presentation: investors.strattec.com |
A telephonic replay will be available from 8:00 p.m. ET on the day of the call through Monday, November 18, 2024. To listen to the archived call, dial (412) 317-6671 and enter replay PIN 13749209. The webcast replay will be available on the Investor Relations section of the Company’s website investors.strattec.com, where a transcript will be posted once available.
About STRATTEC
STRATTEC is a leading global provider of advanced automotive access, security & authorization and select user interface solutions. With a history spanning over 110 years, STRATTEC has consistently been at the forefront of innovation in vehicle security, transitioning from mechanical to integrated electro-mechanical systems. The Company serves a broad range of customers, including leading automotive OEMs, offering power access solutions and advanced security systems that include door handles, lift gates, latches, and key fobs.
For more information on STRATTEC and its solutions, visit www.strattec.com.
Safe Harbor Statement
Certain statements contained in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “planned,” “potential,” “should,” “will,” and “would.” Such forward-looking statements are inherently subject to many uncertainties in the Company’s operations and business environment. These uncertainties include general economic conditions, in particular, relating to the automotive industry, consumer demand for the Company’s and its customers’ products, competitive and technological developments, customer purchasing actions, changes in warranty provisions and customer product recall policies, work stoppages at the Company or at the location of its key customers as a result of labor disputes, foreign currency fluctuations, uncertainties stemming from
Use of Non-GAAP Financial Metrics and Additional Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, STRATTEC provides Adjusted Non-GAAP information as additional information for its operating results. References to Adjusted Non-GAAP information are to non-GAAP financial measures. These measures are not required by, in accordance with, or an alternative for, GAAP and may be different from non-GAAP financial measures used by other companies. STRATTEC’s management uses these measures for reviewing the financial results of STRATTEC for budget planning purposes and for making operational and financial decisions. Management believes that providing these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, help investors evaluate STRATTEC’s core operating and financial performance and business trends consistent with how management evaluates such performance and trends.
FINANCIAL TABLES FOLLOW
STRATTEC SECURITY CORPORATION |
|||||||
Condensed Results of Operations |
|||||||
(In thousands, except per share amounts) |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Three Months Ended |
|
|||||
|
September 29,
|
|
|
October 1,
|
|
||
Net sales |
$ |
139,052 |
|
|
$ |
135,406 |
|
Cost of goods sold |
|
120,131 |
|
|
|
116,686 |
|
Gross profit |
|
18,921 |
|
|
|
18,720 |
|
Engineering, selling and administrative expenses |
|
13,858 |
|
|
|
12,614 |
|
Income from operations |
|
5,063 |
|
|
|
6,106 |
|
Equity loss from joint ventures |
|
— |
|
|
|
(265 |
) |
Interest expense |
|
(295 |
) |
|
|
(220 |
) |
Investment income |
|
349 |
|
|
|
87 |
|
Other income, net |
|
129 |
|
|
|
134 |
|
Income before provision for income taxes and non-controlling interest |
|
5,246 |
|
|
|
5,842 |
|
Provision for income taxes |
|
1,498 |
|
|
|
1,387 |
|
Net income. |
|
3,748 |
|
|
|
4,455 |
|
Net income attributable to non-controlling interest |
|
45 |
|
|
|
290 |
|
Net income attributable to STRATTEC SECURITY CORPORATION |
$ |
3,703 |
|
|
$ |
4,165 |
|
|
|
|
|
|
|
||
|
|
|
|
||||
Earnings per share attributable to
|
|
|
|
|
|
||
Basic |
$ |
0.92 |
|
|
$ |
1.05 |
|
Diluted |
$ |
0.92 |
|
|
$ |
1.05 |
|
|
|
|
|
|
|
||
Weighted Average shares outstanding: |
|
|
|
|
|
||
Basic |
|
4,005 |
|
|
|
3,948 |
|
Diluted |
|
4,046 |
|
|
|
3,974 |
|
STRATTEC SECURITY CORPORATION |
|||||||
Condensed Balance Sheet Data |
|||||||
(In thousands, except share amounts) |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
September 29,
|
|
|
June 30,
|
|
||
ASSETS |
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
||
Cash and cash equivalents |
$ |
34,403 |
|
|
$ |
25,410 |
|
Receivables, net |
|
102,266 |
|
|
|
99,297 |
|
Inventories: |
|
|
|
|
|
||
Finished products |
|
18,540 |
|
|
|
19,833 |
|
Work in process |
|
15,520 |
|
|
|
15,461 |
|
Purchased materials |
|
49,734 |
|
|
|
46,355 |
|
Inventories, net |
|
83,794 |
|
|
|
81,649 |
|
Pre-production costs |
|
15,265 |
|
|
|
22,173 |
|
Value-added tax recoverable |
|
20,624 |
|
|
|
19,684 |
|
Other current assets |
|
4,396 |
|
|
|
5,601 |
|
Total current assets. |
|
260,748 |
|
|
|
253,814 |
|
Deferred income taxes |
|
17,235 |
|
|
|
17,593 |
|
Other long-term assets |
|
6,363 |
|
|
|
6,698 |
|
Net property, plant and equipment |
|
82,521 |
|
|
|
86,184 |
|
|
$ |
366,867 |
|
|
$ |
364,289 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
||
Accounts payable |
$ |
59,461 |
|
|
$ |
54,911 |
|
Accrued Liabilities: |
|
|
|
|
|
||
Payroll and benefits |
|
25,421 |
|
|
|
28,953 |
|
Value-added tax payable |
|
10,982 |
|
|
|
9,970 |
|
Environmental |
|
1,390 |
|
|
|
1,390 |
|
Warranty |
|
10,698 |
|
|
|
10,695 |
|
Other |
|
11,619 |
|
|
|
12,369 |
|
Total current liabilities |
|
119,571 |
|
|
|
118,288 |
|
Borrowings under credit facilities – long-term |
|
13,000 |
|
|
|
13,000 |
|
Accrued pension obligations |
|
1,417 |
|
|
|
1,379 |
|
Accrued postretirement obligations |
|
1,041 |
|
|
|
1,050 |
|
Other long-term liabilities |
|
4,778 |
|
|
|
4,957 |
|
Shareholders’ Equity: |
|
|
|
|
|
||
Common stock, authorized 18,000,000 shares, |
|
76 |
|
|
|
76 |
|
Capital in excess of par value |
|
101,218 |
|
|
|
101,024 |
|
Retained earnings |
|
254,315 |
|
|
|
250,612 |
|
Accumulated other comprehensive loss |
|
(17,104 |
) |
|
|
(15,689 |
) |
Less: treasury stock, at cost (3,597,715 shares at September 29, 2024 and
|
|
(135,471 |
) |
|
|
(135,478 |
) |
Total STRATTEC SECURITY CORPORATION shareholders’ equity |
|
203,034 |
|
|
|
200,545 |
|
Non-controlling interest |
|
24,026 |
|
|
|
25,070 |
|
Total shareholders’ equity |
|
227,060 |
|
|
|
225,615 |
|
|
$ |
366,867 |
|
|
$ |
364,289 |
|
STRATTEC SECURITY CORPORATION |
|||||||
Condensed Cash Flow Statement Data |
|||||||
(In Thousands) |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Three Months Ended |
|
|||||
|
September 29,
|
|
|
October 1,
|
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
||
Net income |
$ |
3,748 |
|
|
$ |
4,455 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
||
Depreciation |
|
3,662 |
|
|
|
4,385 |
|
Foreign currency transaction gain |
|
(1,005 |
) |
|
|
(226 |
) |
Unrealized loss on peso forward contracts |
|
652 |
|
|
|
— |
|
Stock-based compensation expense |
|
188 |
|
|
|
505 |
|
Equity loss of joint ventures. |
|
— |
|
|
|
265 |
|
Loss on settlement of pension obligation |
|
283 |
|
|
|
— |
|
Change in operating assets and liabilities: |
|
|
|
|
|
||
Receivables |
|
(3,189 |
) |
|
|
2,333 |
|
Inventories |
|
(2,145 |
) |
|
|
(3,770 |
) |
Other assets |
|
5,881 |
|
|
|
(7,665 |
) |
Accounts payable and accrued liabilities |
|
2,998 |
|
|
|
(4,054 |
) |
Other, net |
|
264 |
|
|
|
(100 |
) |
Net cash provided by (used in) operating activities |
|
11,337 |
|
|
|
(3,872 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
||
Proceeds from sale of interest in joint ventures. |
|
— |
|
|
|
2,000 |
|
Purchase of property, plant and equipment |
|
(2,073 |
) |
|
|
(2,920 |
) |
Net cash used in investing activities |
|
(2,073 |
) |
|
|
(920 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
||
Borrowings under credit facilities |
|
3,000 |
|
|
|
2,000 |
|
Repayment of borrowings under credit facilities |
|
(3,000 |
) |
|
|
(2,000 |
) |
Exercise of stock options and employee stock purchases |
|
13 |
|
|
|
17 |
|
Net cash provided by financing activities |
|
13 |
|
|
|
17 |
|
Foreign currency impact on cash |
|
(284 |
) |
|
|
(131 |
) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
8,993 |
|
|
|
(4,906 |
) |
|
|
|
|
|
|
||
CASH AND CASH EQUIVALENTS |
|
|
|
|
|
||
Beginning of period |
|
25,410 |
|
|
|
20,571 |
|
End of period |
$ |
34,403 |
|
|
$ |
15,665 |
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
|
|
||
Cash paid during the period for: |
|
|
|
|
|
||
Income taxes |
$ |
4,081 |
|
|
$ |
764 |
|
Interest |
$ |
280 |
|
|
$ |
218 |
|
Non-cash investing activities: |
|
|
|
|
|
||
Change in capital expenditures in accounts payable |
$ |
(506 |
) |
|
$ |
(193 |
) |
STRATTEC SECURITY CORPORATION
NON-GAAP FINANCIAL MEASURES
The following information provides definitions and reconciliations of the non-GAAP financial measures presented in this earnings release to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. Adjusted net sales, adjusted gross profit, adjusted gross margin, adjusted net income attributable to STRATTEC and adjusted diluted earnings per shares are not measures determined in accordance with GAAP and may not be comparable with net sales, adjusted gross profit, adjusted gross margin, adjusted net income and adjusted diluted earnings per share as used by other companies. Nevertheless, STRATTEC believes that providing these non-GAAP financial measures are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s financial results to the historical periods' financial results.
Reconciliation of Net Sales to Adjusted Net Sales |
||||||
($ in thousands) |
Three Months Ended |
|||||
9/29/2024 |
10/1/2023 |
|||||
Net sales (GAAP) |
$ |
139,052 |
$ |
135,406 |
|
|
One-time retroactive pricing from customers |
|
- |
|
(8,000 |
) |
|
Adjusted net sales |
$ |
139,052 |
$ |
127,406 |
|
Reconciliation of Gross Profit to Adjusted Gross Profit |
||||||
($ in thousands) |
Three Months Ended |
|||||
9/29/2024 |
10/1/2023 |
|||||
Gross profit (GAAP) |
$ |
18,921 |
$ |
18,720 |
|
|
One-time retroactive pricing from customers |
|
- |
|
(8,000 |
) |
|
One-time retroactive pricing to suppliers |
|
- |
|
900 |
|
|
Adjusted gross profit |
$ |
18,921 |
$ |
11,620 |
|
Reconciliation of Gross Margin to Adjusted Gross Margin |
|||||
Three Months Ended |
|||||
9/29/2024 |
10/1/2023 |
||||
Gross margin (GAAP) |
13.6 |
% |
13.8 |
% |
|
One-time retroactive pricing from customers |
(5.4 |
) |
|||
One-time retroactive pricing to suppliers |
- |
|
0.7 |
|
|
Adjusted gross margin |
13.6 |
% |
9.1 |
% |
Reconciliation of Net Income Attributable to STRATTEC to Adjusted Net Income Attributable to STRATTEC |
||||||
($ in thousands) |
Three Months Ended |
|||||
9/29/2024 |
10/1/2023 |
|||||
Net income attributable to STRATTEC SECURITY CORPORATION (GAAP) |
$ |
3,703 |
$ |
4,165 |
|
|
One-time retroactive pricing from customers |
|
- |
|
(8,000 |
) |
|
One-time retroactive pricing to suppliers |
|
- |
|
900 |
|
|
Non-controlling interest impact of retroactive pricing |
|
- |
|
1,014 |
|
|
Tax impact of retroactive pricing (1) |
|
- |
|
1,364 |
|
|
Adjusted net income attributable to STRATTEC SECURITY CORPORATION |
$ |
3,703 |
$ |
(557 |
) |
|
|
Reconciliation of Diluted Earnings Per Share to Adjusted Earnings Per Share |
|
|||||
Three Months Ended |
||||||
9/29/2024 |
10/1/2023 |
|||||
Diluted earnings per share (GAAP) |
$ |
0.92 |
$ |
1.05 |
|
|
One-time retroactive pricing from customers |
|
- |
|
(2.01 |
) |
|
One-time retroactive pricing to suppliers |
|
- |
|
0.23 |
|
|
Non-controlling interest impact of retroactive pricing |
|
- |
|
0.26 |
|
|
Tax impact of retroactive pricing (1) |
|
- |
|
0.34 |
|
|
Adjusted diluted earnings per share |
$ |
0.92 |
$ |
(0.14 |
) |
|
(1) The tax impact is calculated using the statutory tax rate for the impacted jurisdiction |
Supplemental Information
Impact of Retroactive Pricing in Fiscal Year 2024 |
|||||||||||||||
($ in thousands) |
|||||||||||||||
One-time Pricing Impact to: |
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
FY 2024 |
||||||
Net Sales |
$ |
8,000 |
|
$ |
1,600 |
|
NM(1) |
|
NM |
$ |
9,700 |
|
|||
Cost of Goods Sold(2) |
|
(900 |
) |
|
|
(910 |
) |
|
- |
|
- |
|
|
(1,700 |
) |
Gross Profit |
$ |
7,100 |
|
$ |
690 |
|
NM |
|
NM |
$ |
8,000 |
|
|||
Gross Margin Contribution |
|
4.7 |
% |
|
|
2.4 |
% |
|
NM |
|
NM |
|
|
1.3 |
% |
(1) Not meaningful |
(2)After factoring in impact of supplier one-time price increases |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104421525/en/
Investors:
Deborah K. Pawlowski
Alliance Advisors IR
Phone: 716-843-3908
Email: dpawlowski@allianceadvisors.com
Source: STRATTEC SECURITY CORPORATION
FAQ
What was STRATTEC's (STRT) revenue growth in Q1 FY2025?
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