Strattec Security Corp
NASDAQ:STRT
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Strattec Security Corp
NASDAQ:STRT
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Strattec Security Corp
STRATTEC Security Corp. engages in the design, development, manufacture, and marketing of automotive access control products. The company is headquartered in Milwaukee, Wisconsin. The company offers access control products including mechanical locks and keys, electronically enhanced locks and keys, passive entry passive start systems (PEPS), steering column and instrument panel ignition lock housings, latches, power sliding side door systems, power tailgate systems, power lift gate systems, power deck lid systems, door handles and related products for primarily North American automotive customers. The firm supplies its products under the VAST brand name. The Company’s products are shipped to customer locations in the United States, Canada, Mexico, Europe, South America, Korea, China and India, and It provide full service and aftermarket support for each VAST Automotive Group partners’ products. The firm provides its customers with engineered access control products, including locksets, fobs, push button ignition systems and other products.
STRATTEC Security Corp. engages in the design, development, manufacture, and marketing of automotive access control products. The company is headquartered in Milwaukee, Wisconsin. The company offers access control products including mechanical locks and keys, electronically enhanced locks and keys, passive entry passive start systems (PEPS), steering column and instrument panel ignition lock housings, latches, power sliding side door systems, power tailgate systems, power lift gate systems, power deck lid systems, door handles and related products for primarily North American automotive customers. The firm supplies its products under the VAST brand name. The Company’s products are shipped to customer locations in the United States, Canada, Mexico, Europe, South America, Korea, China and India, and It provide full service and aftermarket support for each VAST Automotive Group partners’ products. The firm provides its customers with engineered access control products, including locksets, fobs, push button ignition systems and other products.
Strong Quarter: Strattec reported a solid Q2 with revenue up 6% despite macro and industry challenges.
Margin Expansion: Gross margin rose to 16.5%, expanding by 330 basis points over last year, aided by pricing and cost actions.
Profit Surge: Net income nearly quadrupled year-over-year to $4.9 million; adjusted EPS jumped 163% to $1.71.
Cash & Balance Sheet: Operating cash flow was $13.9 million for the quarter, with $99 million in cash and just $2.5 million in debt.
Cost Savings: A voluntary retirement program and other restructuring are set to deliver $3.4 million in annualized savings.
Guidance: Sales expected to be down 3–4% YoY in the second half due to lapping pricing actions and weak auto production.
