Welcome to our dedicated page for Mayville Engineering news (Ticker: MEC), a resource for investors and traders seeking the latest updates and insights on Mayville Engineering stock.
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) has announced a long-term agreement with a prominent U.S. fitness company to produce key components for fitness equipment. This partnership positions MEC to potentially become a top 10 revenue customer by 2022. The company plans to invest $35-$45 million in 2021, focusing on automation and technology, while beginning production ramp-up in early 2022. The press release highlights MEC's unique capabilities and dependability, though it also cautions about potential risks affecting future performance.
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Mayville Engineering Company (NYSE: MEC) reported its Q4 2020 results with net sales of $95.3 million, a decrease from $102.3 million in Q4 2019, primarily due to pandemic-related manufacturing volume reductions. Net income stood at $1.0 million, with Adjusted EBITDA at $9.3 million (9.8% of net sales). The company reduced total funded debt to $47.9 million, achieving a leverage ratio of 1.5x. Despite challenges, MEC is optimistic for 2021, focusing on cost optimization and aiming for 15% Adjusted EBITDA margins as market conditions stabilize.
Mayville Engineering Company, Inc. (MEC) will announce its fourth quarter and full year 2020 financial results after market close on March 2, 2021. A conference call is scheduled for March 3, 2021, at 9:00 a.m. Central Time, led by CEO Robert Kamphuis and CFO Todd Butz. Investors can access the call via live webcast on MEC's website. The company, founded in 1945, specializes in value-added manufacturing with extensive services including CNC stamping and coating across various industries.
Mayville Engineering Company (NYSE: MEC) has appointed Jennifer Kent as a new independent director, while Craig E. Johnson will retire from the Board at the end of his term in 2021 after serving since 2006. Kent brings over 20 years of experience, particularly in legal, compliance, and human resources, and will join the Compensation Committee. Her previous roles include Executive Vice President at Quad/Graphics and various positions at Harley-Davidson. The Board acknowledges Johnson's significant contributions to the company during his tenure.
Mayville Engineering Company (NYSE: MEC) has been recognized as the 39th largest closely held company in Wisconsin for the 17th consecutive year. This ranking is part of the Wisconsin 75 program, highlighting significant contributions to the local economy. MEC operates 20 facilities across seven states and is approximately 60% employee-owned, with over 2,000 employee shareholders. The company's manufacturing capabilities span various industries, including commercial vehicles, construction, and military. This acknowledgment reflects the hard work and dedication of its employee shareholders amidst a challenging year.
Mayville Engineering Company (MEC) will present at the Baird Global Virtual Industrial Conference on November 12th at 1:35 PM CT. The company's leadership team, including Robert Kamphuis (Chairman & CEO), Todd Butz (CFO), and Ryan Raber (EVP of Strategy, Sales & Marketing), will represent MEC during the event. Investors can access a live webcast of the presentation on www.mecinc.com via the Investors page.
MEC, founded in 1945, is a leading U.S.-based value-added manufacturer serving diverse markets.
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.