Milwaukee-based Strattec Security Corp. reported third quarter net income of $2.7 million, or 78 cents per share, up from $1.3 million, or 39 cents per share, in the same period a year ago.
The company’s quarterly net sales grew to $70.8 million from $66.4 million a year earlier.
Strattec’s overall sales to its largest customers increased in the most recent. Strattec’s sales to Chrysler Group LLC were $22.4 million in the current year quarter compared with $19.8 million in the prior year quarter primarily due to higher customer vehicle production volumes. Strattec’s sales to General Motors Co. were $15.1 million in the current year quarter compared to
$16.1 million in the prior year quarter. The decrease in sales was attributed to a combination of lost model programs offset by higher vehicle production on other models we supply. Strattec’s sales to Ford Motor Company were $9.6 million in the current year quarter compared to $8.3 million in the prior year quarter due to higher vehicle production and new product content.
Frank Krejci, president and chief executive officer of Strattec, said, “The outlook for the North American vehicle build continues to be encouraging. Our improving results reflect recent market growth as well as the progress that our teams are making both within Strattec and within our vast global partnerships. I appreciate their efforts in supporting our customers and making a difference within our organization.”
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.
