Mayville Engineering Announces Third Quarter 2024 Financial ResultsMayville Engineering Company, Inc. (NYSE: MEC) recently disclosed its financial results for the third quarter of 2024, ended September 30, 2024. The company reported a notab

According to the announcement, Mayville Engineering’s net sales for the quarter totaled $135.4 million, marking a decrease of 14.4% compared to the same period the previous year. Despite the decline in net sales, the company reported a net income of $3.0 million, up from $1.4 million in the prior-year period, with earnings per share coming in at $0.14, a rise from $0.07 per diluted share.

Moreover, the company highlighted its Non-GAAP Adjusted Diluted EPS of $0.21, reflecting stability compared to the previous year. Adjusted EBITDA for the quarter amounted to $17.1 million, showing an 11.2% decrease from the prior year. The Adjusted EBITDA margin saw an increase of 50 basis points to 12.6%, indicating operational efficiency gains.

Mayville Engineering’s strategic initiatives included the closure of its Wautoma, WI facility and a settlement with a former fitness customer, resulting in a gross payment of $25.5 million in the fourth quarter. The company mentioned that it had lowered its full-year 2024 net sales and Adjusted EBITDA guidance due to softening customer demand, adjusting its projections in response to the evolving market conditions.

Jag Reddy, President and Chief Executive Officer of Mayville Engineering, commented on the third-quarter performance, citing significant actions taken to address challenging demand conditions while focusing on strategic priorities laid out in the MBX framework.

The company underscored its commitment to driving operational excellence and human resource optimization as part of its MEC Business Excellence (MBX) initiative, which aims to enhance operational and commercial performance across the organization.

Mayville Engineering revealed that it maintains a solid financial position with debt-to-EBITDA ratio of 1.6x as of September 30, 2024, enabling it to pursue growth opportunities and repay debt. The company also updated its financial guidance for the full year 2024, reiterating its focus on operational excellence and cost management in response to market dynamics.

For more detailed information on Mayville Engineering’s financial results and strategic direction, interested parties can refer to the full 8-K filing and associated press release on the company’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mayville Engineering’s 8K filing here.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.