Automotive recovery fuels earnings for Strattec

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Strattec Security Corp. reported fiscal second quarter net income of $2.4 million, or 70 cents per share, up from $1.5 million, or 47 cents per share, for the same period a year ago.

The Milwaukee-based company’s quarterly net sales grew to $72.2 million from $65.9 million a year earlier.

Strattec designs, develops, manufactures and markets automotive access control products, including mechanical locks and keys, electronically enhanced locks and keys, steering column and instrument panel ignition lock housings, latches, power sliding side door systems, power lift gate systems, power deck lid systems, door handles and related products.

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Strattec’s icreased sales to Chrysler Group LLC and Ford Motor Company in the current quarter were primarily due to increased customer vehicle production volumes on models for which it supplies components. New product content also contributed to increased sales to Ford Motor Company. The reduction in sales to General Motors Company in the current quarter was primarily attributed to business the company lost to other suppliers during the latter half of the 2012 model year.

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