STRATTEC SECURITY CORP Files Q2 FY25 10-Q

TL;DR

STRATTEC 10-Q filed: Q2 FY25 results in, check financials.

AI Summary

STRATTEC SECURITY CORP filed its 10-Q for the period ending December 29, 2024. The filing details financial performance and operational updates for the second quarter of fiscal year 2025. Key financial data and business segments like Keys and Locksets and ADAC are presented, alongside information on credit facilities and equity components.

Why It Matters

This filing provides investors with an update on STRATTEC's financial health and operational performance, crucial for understanding the company's trajectory in the automotive parts sector.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the automotive sector can be subject to economic volatility.

Key Numbers

• 20241229 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20250207 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• STRATTEC SECURITY CORP (company) — Filer of the 10-Q
• 20241229 (date) — End of the reporting period
• Keys and Locksets (business_segment) — Key product segment mentioned
• ADAC (business_segment) — Key product segment mentioned
• Hyundai Motor Group Including Kia (company) — Customer mentioned in relation to financial reporting

FAQ

Key Financial Figures

• $0.01 — ticable date. Common stock, par value $0.01 per share: 4,172,217 shares outstanding

Filing Documents

• strt-20241229.htm (10-Q) — 1964KB
• strt-ex10_9.htm (EX-10.9) — 38KB
• strt-ex10_10.htm (EX-10.10) — 35KB
• strt-ex10_11.htm (EX-10.11) — 22KB
• strt-ex31_1.htm (EX-31.1) — 15KB
• strt-ex31_2.htm (EX-31.2) — 15KB
• strt-ex32.htm (EX-32) — 14KB
• 0000950170-25-015878.txt ( ) — 9525KB
• strt-20241229.xsd (EX-101.SCH) — 1108KB
• strt-20241229_htm.xml (XML) — 2227KB

- 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 - 13 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 14 - 18 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4

Controls and Procedures

Controls and Procedures 19

- OTHER INFORMATION

Part II - OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 20 Item 1A

Risk Factors

Risk Factors 20 Item 2 Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 20 Item 3 Defaults Upon Senior Securities 20 Item 4 Mine Safety Disclosures 20 Item 5 Other Information 20 Item 6 Exhibits 21 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 Six Months Ended December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Net sales $ 129,919 $ 118,532 $ 268,971 $ 253,938 Cost of goods sold 112,768 105,035 232,899 221,721 Gross profit 17,151 13,497 36,072 32,217 Engineering, selling and administrative expenses 15,017 13,439 28,875 26,053 Income from operations 2,134 58 7,197 6,164 Interest expense ( 257 ) ( 219 ) ( 552 ) ( 439 ) Investment income 408 107 757 194 Other (expense) income, net ( 482 ) 1,098 ( 353 ) 967 Income before provision for income taxes and non-controlling interest 1,803 1,044 7,049 6,886 Provision for income taxes 405 264 1,903 1,651 Net income 1,398 780 5,146 5,235 Net income (loss) attributable to non- controlling interest 79 ( 242 ) 124 48 Net income attributable to STRATTEC SECURITY CORPORATION $ 1,319 $ 1,022 $ 5,022 $ 5,187 Comprehensive income: Net income $ 1,398 $ 780 $ 5,146 $ 5,235 Pension and postretirement plans, net of tax 36 47 292 93 Currency translation adjustments ( 1,245 ) 1,014 ( 4,005 ) 365 Other comprehensive (loss) income, net of tax ( 1,209 ) 1,061 ( 3,713 ) 458 Comprehensive income 189 1,841 1,433 5,693 Comprehensive (loss) income attributable to non-controlling interest ( 407 ) 170 ( 1,451 ) 190 Comprehensive income attributable to STRATTEC SECURITY CORPORATION $ 596 $ 1,671 $ 2,884 $ 5,503 Earnings per share attributable to STRATTEC SECURITY CORPORATION: Basic $ 0.33 $ 0.26 $ 1.25 $ 1.31 Diluted $ 0.32 $ 0.26 $ 1.24 $ 1.30

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View this 10-Q filing on SEC EDGAR