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 strong Q2 2024 results with net sales up 17.7% to $163.6 million, including 6.9% organic growth. Net income increased to $3.8 million, or $0.18 per diluted share. Adjusted EBITDA rose 28.4% to $19.6 million, with margin expanding 100 bps to 12.0%. Free cash flow improved significantly to $19.2 million.
Key highlights:
- Commercial vehicle sales up 10.8% to $62.1 million
- Powersports sales up 26.3% to $30.3 million
- Net debt to trailing twelve-month Adjusted EBITDA ratio below 1.7x
- Full year 2024 free cash flow guidance raised to $45-$55 million
MEC reaffirmed 2024 guidance for net sales of $620-$640 million and Adjusted EBITDA of $72-$76 million. The company continues to execute its MEC Business Excellence (MBX) initiatives to drive operational improvements and margin expansion.
Mayville Engineering Company (NYSE: MEC), a leading provider of design, prototyping, and manufacturing solutions, has announced its second quarter 2024 results conference call and webcast. The company will release its Q2 2024 results after market close on Tuesday, August 6, 2024. A conference call to discuss the results is scheduled for Wednesday, August 7, 2024, at 10:00 a.m. ET.
Investors can access the webcast and presentation materials through MEC's corporate website. To participate in the live teleconference, US participants can call 1-833-470-1428, while Canadian participants can call 1-833-950-0062, using the access code 300362. A replay of the call will be available until August 21, 2024.
Mayville Engineering Company (NYSE: MEC) has been recognized as the largest fabricator in the U.S. by Fabricator Magazine for the fourteenth consecutive year. MEC's President & CEO Jag Reddy attributed this accolade to the company's emphasis on innovation, operational excellence, and strong customer collaboration. Reddy highlighted MEC's Business Excellence (MBX) journey and its strategic focus on high-growth adjacent markets and lightweight materials fabrication. Ryan Raber, EVP of Strategy, Sales, & Marketing, noted the company's progress toward its 2026 financial goals, emphasizing the impact of recent strategic investments on profitability and competitive differentiation. Raber underscored MEC's commitment to next-generation automation, quality assurance, and comprehensive manufacturing expertise, aiming to ensure long-term value for customers and shareholders.
Mayville Engineering Company (NYSE: MEC) announced that its President and CEO, Jag Reddy, and CFO, Todd Butz, will participate in key investor conferences in June 2024.
They will attend the Stifel Cross Sector Insight Conference on June 4th in Boston, the William Blair 44th Annual Growth Stock Conference on June 5th in Chicago, and the Northland Growth Conference on June 25th virtually.
During these events, MEC's management will be available for one-on-one meetings with registered investors.
Mayville Engineering Company (NYSE: MEC) will ring the NYSE closing bell on May 14, 2024, celebrating its five-year anniversary as a public company. This event precedes MEC's 80th anniversary next year. As a leading provider of design, prototyping, and manufacturing solutions, MEC has achieved significant growth and market leadership. President and CEO Jag Reddy attributed the company's success to the collective efforts of employees, customers, partners, and investors. The event will be broadcasted live on the NYSE website.
Mayville Engineering Company (NYSE: MEC) reported strong first quarter 2024 results with net sales of $161.3 million (+13.1% y/y), net income of $3.2 million (+26% y/y), Non-GAAP Adjusted Diluted EPS of $0.22 (+$0.05 y/y), and Adjusted EBITDA of $18.5 million (+33.8% y/y). The company showcased solid execution on strategic priorities, generating double-digit sales growth, sustained margin expansion, and robust free cash flow. Despite mixed near-term demand outlook, MEC remains well-positioned for growth and aims to achieve 14%-16% Adjusted EBITDA margin by 2026.
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