STRATTEC SECURITY CORP Files 10-Q for Q3 2024

TL;DR

**STRATTEC SECURITY CORP 10-Q FILED: Check financials for Q3 2024.**

AI Summary

STRATTEC SECURITY CORP filed its 10-Q for the period ending September 29, 2024. The company reported financial results and provided updates on its business operations. Key financial figures and operational details relevant to investors are included in this filing.

Why It Matters

This 10-Q filing provides crucial insights into STRATTEC SECURITY CORP's financial health and operational performance during the third quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but specific risks are not detailed in the provided snippet.

Key Numbers

• N/A — Revenue (Specific revenue figures are not present in the provided text.)
• N/A — Net Income (Specific net income figures are not present in the provided text.)
• N/A — Earnings Per Share (Specific EPS figures are not present in the provided text.)

Key Players & Entities

• STRATTEC SECURITY CORP (company) — Filer
• 2024-09-29 (date) — Reporting Period End Date
• 2024-11-07 (date) — Filing Date
• Stellantis (company) — Customer Mentioned

FAQ

Key Financial Figures

• $0.01 — ticable date. Common stock, par value $0.01 per share: 4,101,092 shares outstanding

Filing Documents

• strt-20240929.htm (10-Q) — 1385KB
• strt-ex10_2.htm (EX-10.2) — 76KB
• strt-ex10_3.htm (EX-10.3) — 25KB
• strt-ex31_1.htm (EX-31.1) — 15KB
• strt-ex31_2.htm (EX-31.2) — 14KB
• strt-ex32.htm (EX-32) — 12KB
• 0000950170-24-123365.txt ( ) — 7972KB
• strt-20240929.xsd (EX-101.SCH) — 1157KB
• strt-20240929_htm.xml (XML) — 1559KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION Item 1

Financial Statements

Financial Statements Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) 3 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 - 16 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 17 - 23 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4

Controls and Procedures

Controls and Procedures 24

- OTHER INFORMATION

Part II - OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 25 Item 1A

Risk Factors

Risk Factors 25 Item 2 Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 25 Item 3 Defaults Upon Senior Securities 25 Item 4 Mine Safety Disclosures 25 Item 5 Other Information 25 Item 6 Exhibits 26 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, including: an uncertain economic environment and inflationary conditions coupled with the cyclical nature of the automotive industry may adversely affect global vehicle production and demand for our products; we operate in a highly competitive market and technological developments within our sphere of offerings are rapidly evolving; changes in customer purchasing actions, warranty provisions and product recall policies could adversely affect our business, results of operations and financial condition; work sto

Financial Information

Part I. Financial Information

Financial Statements

Item 1 Financial Statements STRATTEC SECURITY CORPORATION AND SUBSIDIARIES Condensed Consolidated Statement s of Income and Comprehensive Income (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended September 29, 2024 October 1, 2023 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 Comprehensive income: Net income $ 3,748 $ 4,455 Pension and postretirement plans, net of tax 256 46 Currency translation adjustments ( 2,760 ) ( 649 ) Other comprehensive loss, net of tax ( 2,504 ) ( 603 ) Comprehensive income 1,244 3,852 Comprehensive (loss) income attributable to non-controlling interest ( 1,044 ) 20 Comprehensive income attributable to STRATTEC SECURITY CORPORATION $ 2,288 $ 3,832 Earnings per share attributable to STRATTEC SECURITY CORPORATION: Basic $ 0.92 $ 1.05 Diluted $ 0.92 $ 1.05 Weighted Average shares outstanding: Basic 4,005 3,948 Diluted 4,046 3,974 The accompanying notes are an integral part of these Condensed Consolidated Statements of Income and Comprehensive Income. 3 STRATTEC SECURITY CORPORATION AND SUBSIDIARIES Condensed Consoli dated Balance Sheets (In Thousands, Except Share Amounts) (Unaudited) September 29, 2024 June 30, 2024 ASSETS Current Assets: Cash and cash eq

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