Business
STRATTEC SECURITY CORPORATION Reports Fiscal 2023 First Quarter Operating Results
MILWAUKEE, Oct. 27, 2022 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (“STRATTEC” or the “Company”) (NASDAQ:STRT) today reported operating results for
About this update from Strattec Security Corporation
[{"type":"text","content":"MILWAUKEE, Oct. 27, 2022 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (“STRATTEC” or the “Company”) (NASDAQ:STRT) today reported operating results for the fiscal first quarter ended October 2, 2022. First QuarterNet sales for the first quarter ended October 2, 2022 were $120.4 million, compared to net sales of $100.3 million for the first quarter ended September 26, 2021. Net income was $128,000 in the current year first quarter, compared to net income of $101,000 in the prior year first quarter. Diluted earnings per share for the current year quarter and during the prior year first quarter were $0.03. Despite current year quarter net sales growth of 20% driven by improvement in semiconductor chip availability, profitability remained relatively unchanged compared to the prior year first quarter primarily due to higher inflationary costs of materials and labor. Net sales to each of our customers in the current year quarter and prior year quarter were as follows (in thousands): Three Months Ended October 2, 2022 September 26, 2021 General Motors Company $ 38,150 $ 25,684 Ford Motor Company 24,616 17,695 Stellantis 17,155 16,560 Tier 1 Customers 17,309 11,975 Commercial and Other OEM Customers 14,826 17,412 Hyundai / Kia 8,304 11,015 TOTAL $ 120,360 $ 100,341 Sales to General Motors Company, Ford Motor Company and Stellantis in the current year quarter increased over the same period in the prior year quarter due to higher vehicle production volumes resulting from improved global semiconductor chip availability relative to the prior year period. Specifically, sales growth to General Motors Company and Ford Motor Company in the current year quarter was attributed to higher production volume of the GMC Sierra, Chevy Silverado and Ford F-150 family of pickup trucks for which we supply a wide range of components. Sales to Tier 1 Customers improved in the current year quarter compared to the prior year quarter due to higher vehicle production volumes relating to the semiconductor chip availability referenced above. Sales to Commercial and Other OEM Customers, which are comprised of aftermarket products and vehicle access control products, such as latches, fobs, driver controls and door handles, declined compared to the prior year quarter due to continued semiconductor chip availability issues for aftermarket keys. The increase in av...