Strong Cash Generation
Strattec Security Corporation generated $30 million in cash from operations for the quarter and $71 million for the fiscal year, indicating strong cash flow management and operational efficiency.
Revenue Growth
Revenue grew by 6% in the fourth quarter and 5% for the fiscal year, driven by strategic pricing initiatives, higher demand, and favorable foreign currency exchange.
Gross Margin Expansion
The company achieved a gross margin expansion of 370 basis points for the quarter and 280 basis points for the year, aided by higher sales, restructuring efforts, and strategic pricing actions.
Operational Improvements
Implemented significant operational improvements, including a 15% reduction in headcount, improvements in working capital velocity, and adding critical talent throughout the organization.
Healthy Financial Position
The company ended the year with a cash position of $84.6 million and approximately $52 million available under revolving credit facilities.