Strattec Security Corporation (STRT) has reported 84.33 percent jump in profit for the quarter ended Apr. 02, 2017. The company has earned $3.48 million, or $0.95 a share in the quarter, compared with $1.89 million, or $0.52 a share for the same period last year.
Revenue during the quarter grew 16.65 percent to $109.71 million from $94.05 million in the previous year period. Gross margin for the quarter expanded 42 basis points over the previous year period to 15.86 percent. Total expenses were 94.96 percent of quarterly revenues, down from 95.92 percent for the same period last year. This has led to an improvement of 96 basis points in operating margin to 5.04 percent.
Operating income for the quarter was $5.53 million, compared with $3.84 million in the previous year period.
Frank Krejci, President & chief executive officer commented: "After last quarter, where earnings were significantly impacted by a combination of lower sales, manufacturing initiatives, higher engineering expenses to execute new business won, we have seen improvements in all three of those areas. In our current quarter, while continuing to add new capital equipment, incurring start-up expenses related to our new facility in Leon, Mexico and investing in our manufacturing processes, I am pleased that we generated improved operating performance".
Operating cash flow improves significantlyStrattec Security Corporation has generated cash of $12.16 million from operating activities during the nine month period, up 44.42 percent or $3.74 million, when compared with the last year period. The company has spent $28.74 million cash to meet investing activities during the nine month period as against cash outgo of $16.13 million in the last year period.
Cash flow from financing activities was $5.85 million for the nine month period, up 3.70 percent or $0.21 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $4.99 million as at Apr. 02, 2017.
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