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Strattec Security profit misses consensus by 69.8% in fiscal Q3

Strattec Security Corp. said its normalized net income for the fiscal third quarter ended March 27 came to 28 cents per share, compared with the S&P Capital IQ consensus estimate of 94 cents per share.

EPS fell 66.2% year over year from 84 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.0 million, a decrease of 66.0% from $3.0 million in the prior-year period.

The normalized profit margin declined to 1.1% from 3.4% in the year-earlier period.

Total revenue increased 5.9% year over year to $94.0 million from $88.8 million, and total operating expenses climbed 8.8% year over year to $90.2 million from $82.9 million.

Reported net income fell 56.5% from the prior-year period to $1.9 million, or 52 cents per share, from $4.3 million, or $1.20 per share.