Mayville Engineering Company reports developments tied to its role as a U.S.-based provider of design, prototyping and manufacturing solutions for industrial end markets. Company updates commonly cover quarterly operating results, project awards, customer demand and production activity across Data Center & Critical Power, commercial vehicle, construction and access, powersports, agriculture, military and other markets.
Recurring news themes include the integration of the completed Accu-Fab acquisition, manufacturing footprint and cost actions, capital allocation priorities such as debt reduction and equipment investment, and governance updates involving the board of directors.
Mayville Engineering Company (NYSE: MEC) reported third-quarter results for 2020, achieving net sales of $91.1 million despite a net loss of $1.1 million, primarily due to pandemic-related volume reductions. Adjusted EBITDA stood at $9.8 million, or 10.8% of net sales. The firm successfully consolidated its Greenwood, SC facility, resulting in a $14.6 million reduction in funded debt, now at $62.8 million. The company refrained from providing financial forecasts amid ongoing economic uncertainty but remains optimistic about improving demand trends.
Mayville Engineering Company (MEC) announced the release of its third-quarter financial results on November 2, 2020, after market close. A conference call is scheduled for November 3, 2020, at 9:00 a.m. CT, hosted by CEO Robert Kamphuis and CFO Todd Butz. The call can be accessed via a live webcast on MEC's website or by phone for U.S. and international callers. Founded in 1945, MEC is a prominent U.S. value-added manufacturing partner serving various industries, including commercial vehicles, construction, and military, with production facilities across eight states.