Glendale-based Strattec Security Corp. today reported fiscal third quarter net income of $4.2 million, or $1 per share, up sharply from $1.4 million, or 32 cents per share, in the third quarter of 2013.
Net sales were $85.2 million, up from $74.6 million a year ago.
A $2.1 million pre-tax pension settlement charge related to the supplemental executive retirement plan impacted the third quarter in 2013, which partially contributed to the large net income boost in 2014.
The company, which manufactures automotive access control products such as mechanical locks and keys, attributed the revenue growth to an increase in customer production volumes and higher product content for certain vehicles for which it supplies components.
“Over the last quarter, our associates have continued to effectively support growth of the automotive industry, while dealing with the challenges and costs associated with new product launches,” said Frank Krejci, president and chief executive officer. “These launches include the introduction of new biometric security products for our NextLock joint venture, which will go on sale at the beginning of our next fiscal year in July. The coordination with our VAST partners to effectively and efficiently supply global customer needs continues to make noticeable progress. In addition, our VAST China joint venture after experiencing startup costs and losses a year ago, now continues to report positive operating results. We are proud of the tactical accomplishments we are making and excited about the continued evolution of our strategic growth plans.”