Milwaukee-based Strattec Security Corp. reported fiscal 2014 fourth quarter net income of $6.4 million, or $1.58 per share, up from $3.9 million, or 92 cents per share, in the fourth quarter of 2013.
The automotive security product manufacturer had fourth quarter revenue of $102.1 million, up from $80.5 million in the same period a year ago.
For the full year, net income was $19.1 million, or $4.59 per share, up from $11.5 million, or $2.72 per share, in 2013. The 2013 results included a $2.1 million pre-tax pension settlement charge that reduced EPS by 39 cents.
Strattec’s 2014 revenue was $348.4 million, up from $298.3 million a year ago.
Sales to Chrysler Group LLC and General Motors Co. increased for the quarter on higher vehicle production and increased Strattec content in newer models. Sales to Ford Motor Co. were flat. Tier 1 customers and Hyundai/Kia sales were down from a year ago.
“In 2000, we began to transform the Company through the creation of our global alliance, VAST,” said Frank Krejci, president and chief executive officer. “Since that time, we have also worked to broaden our product portfolio. I am honored to report that as a result of these and other strategic initiatives, STRATTEC set a sales record both this quarter and for this fiscal year, set a quarterly earnings record and set a record for profit sharing among its associates. In addition to these record results, we continue to make significant progress in global coordination and new strategic initiatives.”
