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Strattec Security profit misses consensus by 27.0% in fiscal Q3

Strattec Security Corp. said its normalized net income for the fiscal third quarter ended March 29 came to 84 cents per share, compared with the S&P Capital IQ consensus estimate of $1.15 per share.

EPS rose 5.1% year over year from 80 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.0 million, a gain of 7.2% from $2.8 million in the prior-year period.

The normalized profit margin climbed to 3.4% from 3.3% in the year-earlier period.

Total revenue climbed year over year to $88.8 million from $85.3 million, and total operating expenses grew year over year to $82.9 million from $80.1 million.

Reported net income increased 22.3% from the prior-year period to $4.3 million, or $1.20 per share, from $3.5 million, or $1 per share.