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Strattec Security profit beats consensusin fiscal Q3

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Strattec Security profit beats consensusin fiscal Q3

STRATTEC Security Corp. said its normalized net income for the fiscal third quarter ended April 2 came to 73 cents per share, compared with the S&P Capital IQ consensus estimate of 31 cents per share.

EPS rose year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.7 million, a gain from $1.0 million in the third quarter ended March 27, 2016.

The normalized profit margin climbed to 2.4% from 1.1% in the year-earlier period.

Total revenue climbed 16.6% year over year to $109.7 million from $94.0 million, and total operating expenses rose 15.5% from the prior-year period to $104.2 million from $90.2 million.

Reported net income grew 85.3% on an annual basis to $3.5 million, or 95 cents per share, from $1.9 million, or 52 cents per share.