Milwaukee-based Strattec Security Corp. reported fiscal 2015 first quarter net income of $10.3 million, or $2.55 per share, up from $3.9 million, or 91 cents per share, in the first quarter of 2014.
Revenue was $122.2 million, up from $79.6 million in the same period last year.
The company’s net sales to Chrysler Group LLC were $32 million, up from $26.6 million in the first quarter of 2014. General Motor Co. sales brought in $44.9 million, up from $15 million a year ago. Sales to Ford Motor Co. totaled $11.8 million, up from $11.4 million in the first quarter of 2014.
Strattec, which designs, develops, manufactures and markets automotive access control products, attributed the increase to higher vehicle production volumes and more of its products being used in vehicles it supplies.
“On behalf of all STRATTEC associates, it is a great pleasure for us to announce the results of an outstanding three months,” said Frank Krejci, president and CEO. “In our core business, we experienced the combination of a strong automotive market and benefits from our strategic initiatives which resulted in an 18 percent increase in sales versus last year. For a limited period of time, unpredictable market circumstances in our service business added another 35 percent to our revenues. Extraordinary efforts by our hourly and salary associates to respond to unusual customer demands and higher utilization of assets combined to generate significant incremental margin. It resulted in an unusually good quarter in which sales and profit broke our previous records.”
