Riding the recovery of the American automotive industry, Strattec Security Corp., a Milwaukee-based automotive parts supplier, reported fiscal third quarter net income of $2.7 million, or 82 cents per share, up from $55,000, or 2 cents per share, in the same period a year ago.
The company’s quarterly sales increased to $70.6 million from $65.7 million a year earlier.
The higher net sales for the current quarter can be primarily attributed to increased customer production volumes.
Gross profit margins were 18.5 percent in the current quarter compared with 13.9 percent in the prior year quarter. The higher gross profit margin in the current year quarter was primarily the result of a favorable Mexico peso to U.S. dollar exchange rate positively affecting the company’s operations in Mexico and favorable customer vehicle production volumes.