April 26, 2013

Strattec 3Q profit down on pension charge, sales up 6%

Strattec Security Corp. on Thursday reported lower fiscal third-quarter profit on a significant pre-tax pension settlement charge, but net sales were boosted by new business and increased production volume by some of the automakers it supplies.

Glendale-based Strattec (Nasdaq: STRT), a provider of automotive locking systems, had net income in the third quarter ended March 31 of $1.1 million, or 32 cents per share, compared with $2.7 million, or 82 cents per share, in the year-ago period.

The quarterâ;€™sâ;€¦;

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