Glendale-based Strattec Security Corp. reported fiscal first quarter net income of $3.2 million, or 91 cents per share, up from $2.7 million, or 78 cents per share, in the same period a year ago.
The company’s quarterly net sales grew to $79.6 million from $70.8 million a year earlier.
Increased sales to Chrysler Group LLC and Ford Motor Company in the current year quarter were primarily due to higher customer vehicle production volumes and increased product content on models for which we supply components.
Frank Krejci, president and chief executive officer of Strattec, said, “Strattec continues to benefit from the solid performance of the North American automotive industry. Not only has it resulted in market growth, but new innovative industry designs have created opportunities for us to develop new products. Globally, as part of VAST, we continue to benefit from the growth and return to profitability of our VAST China operations as well as the benefits of leveraging technology, purchasing, customer support and manufacturing resources with our partners. We also have had many other recent successes that do not get reflected in our earnings or our increased quarterly dividend. In addition to being named a Supplier of the Year by Chrysler a few months ago, during this quarter we won local awards as Healthiest Employer for our wellness programs and the Melvin Lurie Award for excellence in labor-management relations. I am very proud of the accomplishments of our company and all of our associates.”