Strattec Security reports Q 2EPS (69c), consensus (20c)

Reports Q2 revenue $132.22M , consensus $125.03M. “It is important to note that the prior year quarter sales included an additional 53rd week of sales. The quarter-over-quarter sales increase of $9.1 million would have been $16.7 million had the prior year not included that extra week. The increase in net sales between quarters was due to improved global semiconductor chip availability in the current year quarter relative to the prior year quarter, which positively impacted sales to General Motors Company, Ford Motor Company, Stellantis and Tier 1 Customers. Specifically, sales growth to General Motors Company in the current year quarter was attributed to higher production volumes of pickup trucks and SUVs for which we supply components. The increased sales between quarters for Ford Motor Company was due to higher production volumes of their pickup trucks, while Stellantis’s growth was attributed to higher production volumes of their minivan. The increased sales for Tier One customers includes other components sold for both the GM Pickup Trucks and SUVs and the Stellantis minivan. The decrease in sales for Hyundai/Kia was due to lower production volumes in the quarter for the Kia minivan.”