MILWAUKEE — Fewer sales to
Fiat Chrysler and General Motors resulted in decreased first
quarter sales and income for Strattec, according to an earnings
According to the report,
during the first quarter that ended Sept. 27, net sales for the
company were $96.5 million, compared to net sales of $122.2
million for the first quarter of last year. Net income for the
current year quarter was $3.3 million, compared to net income of
$9.3 million in the prior year quarter. In addition, Strattec
reported that diluted earnings per share for the current year
quarter were $0.90 compared to diluted earnings per share of
$2.55 in the prior year quarter.
“The lower net sales and net
income for the current year quarter was anticipated and
primarily attributed to a $28 million decrease in incremental
service sales to General Motors for parts used to support a
recall campaign that were shipped during the prior year
quarter,” according to the report.
Strattec sad the decreased
sales to Fiat Chrysler during the quarter were primarily because
of lower customer vehicle production volume on the Dodge and
Chrysler minivans. Increased sales to Ford Motor Company for the
first quarter were due to increased product content on locksets
and latches, in particular for the new F-150 pick-up truck.
The gross profit margin for
Strattec was 17.1 percent in the current year quarter compared
to 23 percent in the prior year quarter.