Strattec reports Q1 adjusted EPS $2.22, one estimate $1.48

Reports Q1 revenue $152.4M, two estimates $144.87M. Jennifer Slater, President and CEO of Strattec, said, “Our first quarter results demonstrate the hard work of the team over this last year to streamline our operations, simplify the organization and improve our profitability. We continue to manage our cost structure to be responsive to changing sales levels and have started various automation projects to further enhance our gross margins. At the end of the quarter, we implemented an additional restructuring action in our Mexico operations which is expected to deliver $1 million in annualized savings.”