STRATTEC SECURITY CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>STRATTEC SECURITY CORP filed its quarterly 10-Q report on May 9, 2024, detailing financial activities for the period ending March 31, 2024.</b>

AI Summary

STRATTEC SECURITY CORP (STRT) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. STRATTEC SECURITY CORP filed a 10-Q report on May 9, 2024, for the period ending March 31, 2024. The filing covers the third quarter of their fiscal year, which ends on June 30. Key dates mentioned include periods from July 4, 2022, to March 31, 2024, indicating ongoing financial reporting. The company is involved with various segments including Aftermarket and OES Service, Door Handles and Exterior Trim, and User Interface Controls. STRATTEC SECURITY CORP is listed under SIC code 3714 for Motor Vehicle Parts & Accessories.

Why It Matters

For investors and stakeholders tracking STRATTEC SECURITY CORP, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance and operational updates for STRATTEC SECURITY CORP, crucial for assessing its current standing and future prospects in the automotive parts sector. Understanding the specific segments and financial instruments mentioned in the filing, such as credit facilities and stock options, is key to evaluating the company's financial health and strategic direction.

Risk Assessment

Risk Level: medium — STRATTEC SECURITY CORP shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but lacks forward-looking statements or significant disclosures that would indicate immediate high risk or reward.

Analyst Insight

Monitor future 8-K filings for any significant events or changes in financial performance beyond the scope of this quarterly report.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 0630 — Fiscal Year End (FISCAL YEAR END)
• 3714 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• STRATTEC SECURITY CORP (company) — FILER
• 3333 WEST GOOD HOPE ROAD (location) — BUSINESS ADDRESS
• MILWAUKEE (location) — BUSINESS ADDRESS CITY
• WI (location) — BUSINESS ADDRESS STATE
• 53209 (location) — BUSINESS ADDRESS ZIP
• 3714 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• HyundaiOrKiaMember (company) — Customer Segment
• GeneralMotorsCompanyMember (company) — Customer Segment

FAQ

Risk Factors

• Financial Reporting [medium — financial]: The filing is a standard 10-Q, providing unaudited financial information for the quarter ended March 31, 2024.
• Automotive Industry Dependence [medium — market]: STRATTEC SECURITY CORP operates in the automotive parts sector, making it susceptible to fluctuations in vehicle production and demand.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $0.01 — ticable date. Common stock, par value $0.01 per share: 4,068,311 shares outstanding

Filing Documents

• strt-20240331.htm (10-Q) — 2102KB
• strt-ex31_1.htm (EX-31.1) — 14KB
• strt-ex31_2.htm (EX-31.2) — 14KB
• strt-ex32.htm (EX-32) — 12KB
• 0000950170-24-056833.txt (&nbsp;) — 11276KB
• strt-20240331.xsd (EX-101.SCH) — 1315KB
• strt-20240331_htm.xml (XML) — 2689KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION Item 1

Financial Statements

Financial Statements Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) 3 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 - 20 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 - 29 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4

Controls and Procedures

Controls and Procedures 30

- OTHER INFORMATION

Part II - OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 31 Item 1A

Risk Factors

Risk Factors 31 Item 2 Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 31 Item 3 Defaults Upon Senior Securities 31 Item 4 Mine Safety Disclosures 31 Item 5 Other Information 31 Item 6 Exhibits 32 PROSPECTIVE INFORMATION A number of the matters and subject areas discussed in this Form 10-Q 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," or the negative of these terms or words of similar meaning. These statements include expected future financial results, product offerings, global expansion, liquidity needs, financing ability, planned capital expenditures, management's or the Company's expectations and beliefs, and similar matters discussed in this Form 10-Q. The discussion of such matters and subject areas contained herein is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from the Company's actual future experience. The Company's business, operations and financial performance are subject to certain risks and uncertainties, which could result in material differences in actual results from the Company's current expectations. These risks and uncertainties include, but are not limited to, 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 customers' 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 po

Financial Statements

Item 1 Financial Statements STRATTEC SECURITY CORPORATION AND SUBSIDIARIES Condensed Consolidated Statement s of Income (Loss) and Comprehensive Income (Loss) (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Net sales $ 140,773 $ 127,183 $ 394,711 $ 360,727 Cost of goods sold 126,089 117,182 347,810 330,843 Gross profit 14,684 10,001 46,901 29,884 Engineering, selling and administrative expenses 12,725 12,485 38,778 37,266 Income (loss) from operations 1,959 ( 2,484 ) 8,123 ( 7,382 ) Equity earnings (loss) of joint ventures — 819 ( 269 ) 1,934 Interest expense ( 222 ) ( 266 ) ( 661 ) ( 591 ) Interest income 143 — 337 — Other (expense) income, net ( 208 ) ( 1,223 ) 1,028 ( 1,464 ) Income (loss) before provision for income taxes and non-controlling interest 1,672 ( 3,154 ) 8,558 ( 7,503 ) Provision (benefit) for income taxes 546 133 2,197 ( 1,638 ) Net income (loss) 1,126 ( 3,287 ) 6,361 ( 5,865 ) Net loss attributable to non- controlling interest ( 380 ) ( 1,031 ) ( 332 ) ( 1,895 ) Net income (loss) attributable to STRATTEC SECURITY CORPORATION $ 1,506 $ ( 2,256 ) $ 6,693 $ ( 3,970 ) Comprehensive income (loss): Net income (loss) $ 1,126 $ ( 3,287 ) $ 6,361 $ ( 5,865 ) Pension and postretirement plans, net of tax 46 350 139 490 Currency translation adjustments 1,043 3,451 1,408 3,198 Other comprehensive income, net of tax 1,089 3,801 1,547 3,688 Comprehensive income (loss) 2,215 514 7,908 ( 2,177 ) Comprehensive income (loss) attributable to non-controlling interest 36 116 226 ( 223 ) Comprehensive income (loss) attributable to STRATTEC SECURITY CORPORATION $ 2,179 $

View Full Filing

View this 10-Q filing on SEC EDGAR