Mayville Engineering Stock Price, News & Analysis

Mayville Engineering Company (NYSE: MEC) provides updates on its financial outlook for 2021 and preliminary guidance for 2022 while reviewing its end markets and new business initiatives. For 2021, net sales are expected between $450 million and $455 million, with adjusted EBITDA of $46 million to $47 million. The 2022 guidance predicts net sales of $480 million to $530 million, excluding new fitness customer revenue. MEC notes supply chain challenges impacted its business but anticipates growth as conditions stabilize.

Mayville Engineering Company (NYSE: MEC) has been ranked 51st on the List of Largest Closely Held Companies in Wisconsin for the 18th consecutive year. This annual list highlights significant business contributions and recognitions. MEC, headquartered in Wisconsin, operates 20 facilities across seven states, with a focus on value-added manufacturing in various industries such as agriculture and military. Approximately 60% of MEC is employee-owned, with over 2,000 shareholders.

Mayville Engineering Company (NYSE: MEC) reported third quarter 2021 net sales of $109.0 million, up from $91.1 million year-over-year. The company recorded a net income of $0.3 million and Adjusted EBITDA of $10.0 million. Despite short-term volume deferrals due to customer supply chain constraints and inflationary pressures, MEC maintains a positive long-term outlook and is expanding its Hazel Park, MI facility. The company has modified its 2021 financial projections, anticipating net sales between $450 million and $470 million.

Mayville Engineering Company (NYSE: MEC) is set to release its third-quarter financial results on November 2, 2021, after market close. A conference call with key executives will follow on November 3, 2021, at 9:00 a.m. Central Time. Investors can access the live webcast on MEC's website. The company specializes in value-added manufacturing services across various sectors including commercial vehicles and military, utilizing a robust infrastructure in 19 facilities.

Mayville Engineering Company (NYSE: MEC) announced strong second-quarter results for 2021, with net sales of $120.2 million, a significant increase from $62.6 million in the prior year. The company's net income rose to $3.3 million, while Adjusted EBITDA reached $14.0 million. MEC completed a 450,000 sq. ft. facility in Hazel Park, MI, and reduced net debt to $46.2 million. The company confirmed its 2021 guidance, adjusting projected net sales to between $470 million and $490 million. Challenges include employee availability, inflation, and supply chain constraints.

Mayville Engineering Company (MEC) will release its financial results for Q2 2021 on August 3, 2021, after market close. A conference call is scheduled for August 4, 2021, at 9:00 a.m. Central Time, featuring key executives Robert Kamphuis, Todd Butz, and Ryan Raber. Participants can access the call via a live webcast at www.mecinc.com or through various telephone lines depending on their location. An Internet replay of the call will also be available shortly after.

Mayville Engineering Company (NYSE: MEC) has announced the opening of a new manufacturing facility in Hazel Park, Michigan. This initiative aims to enhance production capacity in response to a new strategic customer relationship. The facility will span approximately 450,000 square feet, with plans to hire up to 390 employees and invest $35 million to $45 million in capital. MEC has signed a ten-year lease and has received a $2.5 million incentive from the State of Michigan. Production is set to begin early next year, boosting both local employment and capacity.

Mayville Engineering Company (NYSE: MEC) is expanding its manufacturing capacity in Michigan to cater to a new strategic customer relationship. The expansion comprises several sites in the Greater Detroit area, each with around 250,000 square feet of manufacturing space, and aims to hire up to 390 employees. The project will receive a $2.5 million incentive from the State of Michigan. The initiative aligns with the company's long-term plans and aims to strengthen the local workforce and economic opportunities.