STRT - Relief rally for Strattec after margins impress

Strattec Security Corporation ([[STRT]] +26.0%) races to a 52-week high after reporting better-than-anticipated Q3 results. The company's gross profit margin rate improved to 17.8% of sales vs. 13.2% a year ago, due primarily to cost improvements implemented in operations at both Milwaukee and Mexico, along with a favorable Mexican Peso to U.S. dollar exchange rate. The prior year gross profit margin was also reduced by 1.1% due to a non-cash compensation expense charge relating to the termination of a pension plan. CEO update: "Compared to the same quarter last year, sales were similar, but this year’s quarter net profits were significantly higher. Most of that was the result of improved efficiencies and a permanent reduction in headcount. The temporary wage reductions taken by our salaried workforce on May 1, 2020 have now been restored effective September 1. During this quarter, we also further strengthened our balance sheet by paying down

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Relief rally for Strattec after margins impress