Latest news with #STRATTEC
Business Wire
28-05-2025
- Automotive
- Business Wire
STRATTEC SECURITY CORPORATION to Present at the East Coast IDEAS Investor Conference
MILWAUKEE--(BUSINESS WIRE)-- STRATTEC SECURITY CORPORATION (Nasdaq: STRT) ('Company'), a leading provider of smart vehicle access, security and authorization solutions for the global automotive industry, today announced that Jennifer Slater, President & CEO, and Matthew Pauli, Chief Financial Officer, will present and host investor meetings at the East Coast IDEAS Investor Conference in New York, NY on Wednesday, June 11, 2025. The Company presentation is scheduled to begin at 9:15 a.m. Eastern Time. A live audio webcast of the event with accompanying slides will be available at STRT Investor Relations. An archive of the presentation will be available at the same link following the conference. 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
Yahoo
28-05-2025
- Automotive
- Yahoo
STRATTEC SECURITY CORPORATION to Present at the East Coast IDEAS Investor Conference
MILWAUKEE, May 28, 2025--(BUSINESS WIRE)--STRATTEC SECURITY CORPORATION (Nasdaq: STRT) ("Company"), a leading provider of smart vehicle access, security and authorization solutions for the global automotive industry, today announced that Jennifer Slater, President & CEO, and Matthew Pauli, Chief Financial Officer, will present and host investor meetings at the East Coast IDEAS Investor Conference in New York, NY on Wednesday, June 11, 2025. The Company presentation is scheduled to begin at 9:15 a.m. Eastern Time. A live audio webcast of the event with accompanying slides will be available at STRT Investor Relations. An archive of the presentation will be available at the same link following the conference. 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 View source version on Contacts Deborah K. PawlowskiAlliance Advisors IRPhone: 716-843-3908Email: dpawlowski@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
08-05-2025
- Business
- Business Wire
STRATTEC SECURITY CORPORATION Generated $20.7 million in Cash from Operations in Fiscal 2025 Third Quarter
MILWAUKEE--(BUSINESS WIRE)-- STRATTEC SECURITY CORPORATION (Nasdaq: STRT) ('Company'), a leading provider of smart vehicle access, security and authorization solutions for the global automotive industry, reported financial results for its third quarter of fiscal year 2025, which ended March 30, 2025. Jennifer Slater, President and CEO of STRATTEC, said, 'We delivered another strong quarter as the actions we are taking to transform STRATTEC into a more predictable, higher performing business are flowing through to our bottom line. During the quarter, we captured margin accretive pricing, benefited from both increased and higher value content on winning platforms and improved operational performance.' Addressing the evolving state of global trade, Ms. Slater added, 'The tariff situation has created a rapidly changing environment with significant unknowns. Nevertheless, given what we know today with the USMCA exemption, we estimate that the annual impact of tariffs is approximately $9 million to $12 million of incremental costs, prior to any mitigation efforts. We have been moving quickly to implement tariff mitigation actions to reduce the impact on profit margins including shifting sources within our supply chain, passing through costs to customers and changing logistics processes with customers.' 'We have been making measurable change within the organization to drive cost savings which in the short term will help offset these tariff costs as we work through mitigation actions. In the long term, we believe these actions will make STRATTEC a better business. In total, we have reduced our headcount by 12% in the first nine months of fiscal 2025, including recent restructuring actions we have taken in Mexico. We believe there is additional potential for cost savings through modernization and rethinking our manufacturing and assembly processes. We are focused on instilling a culture of operational excellence to create an enterprise that can deliver stronger earnings power,' Ms. Slater concluded. FY 2025 Third Quarter Financial Summary (compared with prior-year period, except where otherwise noted) Net sales were $144.1 million, an increase of $3.3 million, or 2.4%. Sales growth was driven by $2.5 million of price increases, $2.2 million in favorable product mix, and $1.6 million in net new program launches. This more than offset a $3.0 million reduction in sales volumes for existing platforms. Gross profit increased $8.4 million to $23.1 million, while gross margin expanded 560 basis points. The improvement was due in part to $4.4 million, or 305 basis points, of favorable foreign currency exchange. The remainder of the increase was the result of pricing actions and materials and labor cost improvements which more than offset the $0.8 million increase in tariff expenses as a result of recent changes in U.S. tariff policy. Engineering, selling and administrative ('ES&A') expenses increased $3.3 million, or 25.9%, to $16.0 million. The increase reflected continued investments in the business, $1.2 million of higher incentive and bonus compensation as a result of better than expected performance and $0.8 million in restructuring charges. A slight increase in interest expense was more than offset by the $0.4 million increase in interest income on higher cash balances and the $0.2 million improvement in other expense related to foreign currency forward contracts. Net income attributable to STRATTEC was $5.4 million, or $1.32 per diluted share, compared with $1.5 million, or $0.37 per diluted share, in the prior-year period. On an adjusted basis, net income attributable to STRATTEC 1 grew 315% to $6.1 million. Adjusted diluted earnings per share 1 increased $1.13, or 305%, to $1.50. Adjusted EBITDA 1 for the quarter was $12.9 million compared with $6.2 million in the prior-year period. Expanded gross margin on higher sales more than offset investments in ES&A which led to adjusted EBITDA margin of 8.9%, a 450 basis point improvement over the third quarter of fiscal 2024. During the third quarter of fiscal 2025, the Company made continued progress on improving its cost structure, by completing the elimination of a production shift in its Milwaukee operations and implementing a restructuring action in its operations in Mexico. The cash cost of the Mexico restructuring actions was $1.6 million, which will result in expected annual savings of $4.5 million. Collectively, restructuring activities implemented in fiscal 2025 are now expected to generate approximately $5 million of annual cost reductions, with savings amounts expected to be phased in and fully realized by the first quarter of fiscal 2026. Balance Sheet and Liquidity Increased cash earnings and improved working capital management delivered $20.7 million in cash from operations in the third quarter of fiscal 2025, compared with a use of cash in the prior-year period. Cash from operations for the nine-month period were $41.5 million. At March 30, 2025, the Company had $62.1 million in cash and cash equivalents, up $19.5 million from the end of the second quarter of fiscal 2025. The Company had no borrowings outstanding under its $40 million revolving credit agreement, while our joint venture had $13.0 million outstanding under its $20 million revolving credit agreement. Third Quarter Fiscal Year 2025 Webcast and Conference Call The Company will host a conference call and webcast tomorrow, Friday, May 9, 2025, at 9:00 am Eastern Time to review the financial and operating results for the period ended March 30, 2025, and provide an update on its transformation progress. A question-and-answer session will follow. You can access the call by phoning (201) 689-8470 or find the webcast and accompanying slide presentation at A telephonic replay will be available from 12:00 p.m. ET on the day of the call through Friday, May 23, 2025. To listen to the archived call, dial (412) 317-6671 and enter a replay PIN 13752650. The webcast replay will be available on the Investor Relations section of the Company's website 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 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 U.S. trade policies, tariffs and reactions to the same from foreign countries, matters adversely impacting the timing and availability of component parts and raw materials needed for the production of the Company's products and the products of its customers and fluctuations in costs of operation. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances occurring after the date of this release. In addition, such uncertainties and other operational matters are discussed further in the Company's quarterly and annual filings with the Securities and Exchange Commission. 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 similarly titled non-GAAP financial measures used by other companies. STRATTEC's management uses these measures to make strategic decisions, establish budget plans and forecasts, identify trends affecting STRATTEC's business, and evaluate performance. Management believes that providing these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, will help investors evaluate STRATTEC's core operating and financial performance and business trends consistent with how management evaluates such performance and trends. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. STRATTEC SECURITY CORPORATION Condensed Balance Sheet (In thousands, except share amounts) (Unaudited) March 30, 2025 June 30, 2024 ASSETS Current Assets: Cash and cash equivalents $ 62,106 $ 25,410 Receivables, net 109,160 99,297 Inventories: Finished products 14,563 19,833 Work in process 12,228 15,461 Purchased materials 48,800 46,355 Inventories, net 75,591 81,649 Pre-production costs 9,740 22,173 Value-added tax recoverable 22,342 19,684 Other current assets 8,276 5,601 Total current assets 287,215 253,814 Deferred income taxes 17,084 17,593 Other long-term assets 5,277 6,698 Net property, plant and equipment 77,816 86,184 $ 387,392 $ 364,289 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 72,582 $ 54,911 Accrued Liabilities: Payroll and benefits 19,431 28,953 Value-added tax payable 10,844 9,970 Environmental 1,390 1,390 Warranty 10,745 10,695 Other current liabilities 8,312 12,369 Total current liabilities 123,304 118,288 Borrowings under credit facilities 13,000 13,000 Postemployment obligations 12,076 2,429 Other long-term liabilities 4,411 4,957 Shareholders' Equity: Common stock, authorized 18,000,000 shares, $.01 par value, 7,635,883 issued shares at March 30, 2025 and 7,586,920 issued shares at June 30, 2024 76 76 Capital in excess of par value 102,888 101,024 Retained earnings 261,030 250,612 Accumulated other comprehensive loss (17,836 ) (15,689 ) Less: treasury stock, at cost (3,596,918 shares at March 30, 2025 and 3,598,126 shares at June 30, 2024) (135,459 ) (135,478 ) Total STRATTEC SECURITY CORPORATION shareholders' equity 210,699 200,545 Non-controlling interest 23,902 25,070 Total shareholders' equity 234,601 225,615 $ 387,392 $ 364,289 Expand STRATTEC SECURITY CORPORATION Condensed Cash Flow Statement (In Thousands) (Unaudited) Three Months Ended Nine Months Ended March 31, 2024 March 30, 2025 March 31, 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 5,711 $ 1,126 $ 10,857 $ 6,361 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 3,746 4,059 10,952 12,774 Foreign currency transaction loss (gain) 141 475 (1,052 ) 126 Unrealized (gain) loss on peso forward contracts (705 ) 222 231 (604 ) Stock-based compensation expense 760 240 1,839 1,224 Loss on settlement of postemployment obligation — — 283 — Change in operating assets and liabilities: Receivables (17,616 ) (26,685 ) (10,237 ) (7,507 ) Inventories 5,920 10,827 6,058 (1,015 ) Prepaid and other assets (1,850 ) (4,494 ) 5,994 (16,898 ) Accounts payable 20,720 9,339 16,730 (7,102 ) Accrued liabilities 3,632 4,337 (948 ) 4,747 Other, net 261 245 794 671 Net cash provided by (used in) operating activities 20,720 (309 ) 41,501 (7,223 ) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of interest in joint ventures — — — 2,000 Purchase of property, plant and equipment (1,170 ) (1,672 ) (4,160 ) (6,065 ) Net cash used in investing activities (1,170 ) (1,672 ) (4,160 ) (4,065 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under credit facilities — — 3,000 2,000 Repayment of borrowings under credit facilities — — (3,000 ) (2,000 ) Employee stock purchases 16 18 44 55 Net cash provided by financing activities 16 18 44 55 Foreign currency impact on cash (85 ) (18 ) (689 ) 256 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 19,481 (1,981 ) 36,696 (10,977 ) CASH AND CASH EQUIVALENTS Beginning of period 42,625 11,575 25,410 20,571 End of period $ 62,106 $ 9,594 $ 62,106 $ 9,594 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Income taxes $ 596 $ 1,731 $ 9,135 $ 3,177 Interest $ 172 $ 219 $ 731 $ 659 Non-cash investing activities: Change in capital expenditures in accounts payable $ 1,176 $ (89 ) $ 726 $ (264 ) Expand STRATTEC SECURITY CORPORATION Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share amounts) Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total ADJUSTED NET SALES: Net Sales (GAAP) 135,406 118,532 140,773 143,055 $ 537,766 139,052 129,919 144,082 - $ 413,053 Adjustments: - Retroactive FY23 one-time pricing recovery (7,950 ) (1,551 ) (397 ) 175 (9,723 ) - - - - - Adjusted Sales (Non-GAAP) 127,456 116,981 140,376 143,230 528,043 139,052 129,919 144,082 - 413,053 ADJUSTED EBITDA: Net income attributable to STRATTEC (GAAP) $ 4,165 $ 1,022 $ 1,506 $ 9,620 $ 16,313 $ 3,703 $ 1,319 $ 5,396 $ - $ 10,418 Net income (loss) attributable to non-controlling interest 290 (242 ) (380 ) 447 115 45 79 315 - 439 Provision for income tax 1,387 264 546 1,578 3,775 1,498 405 1,644 - 3,547 Other (income) expense, net 131 (1,098 ) 208 (1,958 ) (2,717 ) (129 ) 482 16 - 369 Investment and interest income (87 ) (107 ) (143 ) (235 ) (572 ) (349 ) (408 ) (529 ) - (1,286 ) Interest expense 220 219 222 239 900 295 257 243 - 795 Income from operations 6,106 58 1,959 9,691 17,814 5,063 2,134 7,085 - 14,282 Adjustments: Depreciation 4,385 4,330 4,059 3,773 $ 16,547 3,662 3,544 3,746 - $ 10,952 Non-cash stock-based compensation 505 479 240 243 1,467 188 891 760 - 1,839 Restructuring and similar charges - - - - - - 265 809 - 1,074 Retroactive FY23 one-time pricing recovery, net (7,078 ) (641 ) (298 ) 24 (7,993 ) - - - - - Executive transition costs - 774 211 73 1,058 941 921 214 - 2,076 Business transformation costs - - - - - 74 215 259 - 548 (2,188 ) 4,942 4,212 4,113 11,079 4,865 5,836 5,788 - 16,489 Adjusted EBITDA (Non-GAAP) $ 3,918 $ 5,000 $ 6,171 $ 13,804 $ 28,893 $ 9,928 $ 7,970 $ 12,873 $ - $ 30,771 Adjusted EBITDA as a % of Adjusted Net Sales 3.1 % 4.3 % 4.4 % 9.6 % 5.5 % 7.1 % 6.1 % 8.9 % 7.4 % ADJUSTED NET INCOME AND EARNINGS/(LOSS) PER SHARE: Net income attributable to STRATTEC (GAAP) $ 4,165 $ 1,022 $ 1,506 $ 9,620 $ 16,313 $ 3,703 $ 1,319 $ 5,396 $ - $ 10,418 Adjustments: Restructuring and similar charges 265 3 - 63 331 - 265 809 - 1,074 Retroactive FY23 one-time pricing recovery, net (7,078 ) (641 ) (298 ) 24 (7,993 ) - - - - - Executive transition costs - 973 211 73 1,257 1,224 1,225 214 - 2,663 Business transformation costs - - - - - 74 215 259 - 548 Non-controlling interest impact on above adjustments 1,014 181 55 22 1,272 - - (160 ) - (160 ) Tax effect on above adjustments 1,305 (116 ) 7 (41 ) 1,155 (292 ) (384 ) (376 ) - (1,052 ) (4,494 ) 400 (25 ) 141 (3,978 ) 1,006 1,321 746 - 3,073 Adjusted Net Income/(Loss) attributable to STRATTEC (Non-GAAP) $ (329 ) $ 1,422 $ 1,481 $ 9,761 $ 12,335 $ 4,709 $ 2,640 $ 6,142 $ - $ 13,491 Weighted Average Basic Shares Outstanding 3,948 3,976 3,988 3,988 3,975 4,005 4,035 4,039 - 4,026 Weighted Average Diluted Shares Outstanding 3,974 3,998 4,017 4,027 4,004 4,046 4,070 4,085 - 4,067 Diluted earnings per share (GAAP) $ 1.05 $ 0.26 $ 0.37 $ 2.39 $ 4.07 $ 0.92 $ 0.32 $ 1.32 $ - $ 2.56 Adjusted dilutive earnings/(loss) per share (Non-GAAP) $ (0.08 ) $ 0.36 $ 0.37 $ 2.42 $ 3.08 $ 1.16 $ 0.65 $ 1.50 $ - $ 3.32 Expand
Business Wire
24-04-2025
- Automotive
- Business Wire
STRATTEC SECURITY CORPORATION Announces Third Quarter Fiscal Year 2025 Financial Results Conference Call and Webcast
MILWAUKEE--(BUSINESS WIRE)-- STRATTEC SECURITY CORPORATION (Nasdaq: STRT) ('STRATTEC' or 'Company'), a leading provider of smart vehicle access, security and authorization solutions for the global automotive industry, today announced that it will release its third quarter fiscal year 2025 results after the close of financial markets on Thursday, May 8, 2025. The Company will host a conference call and webcast on Friday, May 9, 2025, to review the financial and operating results for the period ended March 30, 2025. A question-and-answer session will follow. Third Quarter Fiscal Year 2025 Conference Call A telephonic replay will be available from 12:00 p.m. ET on the day of the call through Friday, May 23, 2025. To listen to the archived call, dial (412) 317-6671 and enter replay PIN 13752650. The webcast replay will be available on the Investor Relations section of the Company's website 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
Globe and Mail
31-03-2025
- Automotive
- Globe and Mail
STRATTEC SECURITY CORPORATION to Present at The LD Micro Invitational XV
Milwaukee, Wisconsin--(Newsfile Corp. - March 31, 2025) - STRATTEC SECURITY CORPORATION (NASDAQ: STRT) ("Company"), a leading provider of smart vehicle access, security and authorization solutions for the global automotive industry, today announced that Jennifer Slater, President & CEO, and Matthew Pauli, Chief Financial Officer, will present and host investor meetings at the LD Micro Invitational XV in New York, NY on Thursday, April 10, 2025. The Company presentation is scheduled to begin at 9:30 a.m. Eastern Time. A live audio webcast of the event with accompanying slides will be available at STRT Investor Relations. An archive of the presentation will be available at the same link following the conference. 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
