Mayville Engineering Company Announces First Quarter 2024 Results
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.
Strong first quarter results with significant increases in net sales, net income, Non-GAAP Adjusted Diluted EPS, and Adjusted EBITDA.
Demonstrated solid execution on strategic priorities, driving double-digit sales growth, sustained margin expansion, and improved profitability.
Generated robust free cash flow and reduced net debt to slightly below 2.0x adjusted EBITDA.
Decrease in net sales to commercial vehicle market by 0.3% due to expected softening end-market demand.
Increase in other selling, general and administrative expenses primarily reflecting higher legal costs, compliance requirements, and annual wage inflation.
Higher interest expense in the first quarter due to higher interest rates and increased borrowings related to the acquisition of Mid-States Aluminum.
Insights
Mayville Engineering Company's first-quarter earnings indicate substantial growth in both top-line revenue and profitability. The 13.1% year-over-year increase in net sales, compounded by organic growth of 3.3%, suggests a robust strategy in expanding its market presence. Notably, the 33.8% rise in Adjusted EBITDA and a 180 bps increase in margins reflect efficient operations and pricing strategies. Furthermore, an improvement in free cash flow by
The report shows MEC’s adaptability within a mixed-demand environment; the company’s ability to increase sales in the powersports and construction & access markets while facing a downturn in its agriculture and military sectors is commendable. The strategic focus on MEC Business Excellence (MBX) initiatives is a clear driver for this adaptability, with documented cost savings and labor efficiency gains. The company's target for an Adjusted EBITDA margin of 14% to 16% by 2026 sets a high-performance benchmark within the manufacturing sector. Expansion into lightweight materials, such as aluminum, could cater to the evolving needs of energy transition markets, positioning MEC for future resilience.
FIRST QUARTER 2024 RESULTS
(All comparisons versus the prior-year period)
-
Net sales of
$161.3 million 13.1% y/y, including organic growth of3.3% y/y -
Net income of
$3.2 million $0.16 26% y/y, or$0.04 -
Non-GAAP Adjusted Diluted EPS of
$0.22 $0.05 -
Adjusted EBITDA of
$18.5 million 33.8% y/y -
Adjusted EBITDA margin of
11.5% , an increase of 180 bps y/y -
Free Cash Flow of
$7.9 million $16.4 million - Ratio of net debt to trailing twelve-month Adjusted EBITDA of slightly below 2.0x as of March 31, 2024
MANAGEMENT COMMENTARY
“We demonstrated solid execution on our strategic priorities during the first quarter, culminating in a strong start to the year for our business,” stated Jag Reddy, President and Chief Executive Officer. “Our integrated, solutions-based approach continues to resonate with our customers, positioning MEC to drive share gains that support above-market growth. During the first quarter, we generated double-digit sales growth, sustained margin expansion, improved profitability, and generated robust free cash flow as compared to the prior year period.”
“At a commercial level, first quarter sales growth was driven by a combination of new contract awards, increased project content, and continued price discipline,” continued Reddy. “Operationally, we continued to implement MEC Business Excellence (MBX) driven continuous improvements across the organization resulting in additional cost savings, labor efficiency gains, and working capital improvement. Looking ahead, these and related actions put us on-pace to achieve our
“With more than 20 facilities across the continental
“During the first quarter, we repaid nearly
“We remain on-track to achieve our full-year 2024 financial guidance, which includes expectations for year-over-year growth in sales, margin realization and free cash flow,” continued Reddy. “While the near-term demand outlook remains mixed across our diverse end-markets, MEC continues to outpace the broader market through a combination of continued share gains, value-based pricing and ongoing productivity improvements. With a strong first quarter behind us, we’re well positioned to deliver on plan as we move through 2024.”
PERFORMANCE SUMMARY
Net sales increased by
Manufacturing margin was
Other selling, general and administrative expenses were
Interest expense was
Net income for the first quarter of 2024 was
MEC reported Adjusted EBITDA of
First quarter Adjusted net income was
Free cash flow during the first quarter of 2024 was
END MARKET UPDATE
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Three Months Ended |
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March 31, |
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2024 |
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2023 |
||
Commercial Vehicle |
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$ |
58,954 |
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$ |
59,155 |
Construction & Access |
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28,446 |
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26,507 |
Powersports |
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30,291 |
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24,098 |
Agriculture |
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14,958 |
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14,451 |
Military |
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7,952 |
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8,569 |
Other |
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20,668 |
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|
9,866 |
Net Sales |
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$ |
161,269 |
|
$ |
142,645 |
Commercial Vehicles
MEC is a Tier 1 supplier to many of the country’s top original equipment manufacturers (OEM) of commercial vehicles providing exhaust & aftertreatment, engine components, cooling, fuel and structural systems for both heavy- and medium-duty commercial vehicles.
Net sales to the commercial vehicle market were
Construction & Access
MEC manufactures components and sub-assemblies for the construction & access market including fenders, hoods, supports, frames, platforms, frame structures, doors and tubular products such as exhaust & aftertreatment, engine components, cooling system components, handrails and full electro-mechanical assemblies.
Net sales to the construction & access market were
Powersports
MEC manufactures stampings and complex metal assemblies and coatings for marine propulsion, all-terrain vehicles (ATV), multi-utility vehicles (MUV) and motorcycle markets. MEC’s powersports expertise includes axle housings, steering columns, swing arms, fenders, suspension components, ATV/MUV racks, cowl assemblies and vehicle frames.
Net sales to the powersports market were
Agriculture
MEC is an integral partner in the supply chain of the world’s leading agriculture OEMs manufacturing components and sub-assemblies including fenders, hoods, supports, frames, platforms, frame structures, doors, and tubular products such as exhaust, engine components, cooling system components, handrails and full electro-mechanical assemblies.
Net sales to the agriculture market were
Military
MEC holds the International Traffic in Arms Regulations (ITAR) certification and produces components for
Net sales to the military market were
Other
MEC also produces a wide variety of components and assemblies for customers in the power generation, industrial equipment & fixtures, consumer tools, mining, forestry, automotive, and medical markets.
Net sales to other end markets for the first quarter of 2024 were
STRATEGIC UPDATE
During the first quarter, MEC continued the rigorous implementation of its MEC Business Excellence (MBX) initiative, a value-creation framework designed to drive sustained operational and commercial excellence execution across all aspects of the organization. Upon full implementation, MEC expects to drive total net sales of between
- Drive a High-Performance Culture. The Company is focused on effectuating cultural change across the organization by implementing performance-based metrics, lean daily management and other process-oriented strategies. Through these efforts, the Company is building a high-performance culture capable of driving improved performance, asset utilization and cost optimization. During the first quarter, the Company continued the implementation and alignment of processes and best practices across the enterprise to drive strategic execution. Additionally, the Company launched an employee recognition program aimed at further fostering our high-performance culture. This peer recognition initiative allows employees to nominate peers who consistently embody the Company values and uphold the Company culture through their daily interactions and exceptional performance.
-
Drive Operational Excellence. The Company is focused on leveraging technologies and capabilities to increase productivity and reduce costs across the value chain. The Company intends to achieve this objective through the implementation of lean initiatives such as value stream mapping, sales, inventory, and operations planning (SIOP), and further optimization of its supply chain and procurement strategies. The Company’s operational excellence initiatives also focus on improving fixed cost absorption, labor productivity and inventory efficiency by leveraging its recent investments in advanced manufacturing capabilities and automation. As of the end of the first quarter of 2024, the Company had held over 30 MBX kaizen events which contributed to improved margins and inventory optimization. Year-over-year, the Company recognized
$1.6 million $0.8 million - Drive Commercial Expansion. The Company is focused on driving commercial growth through an integrated, solutions-oriented approach that leverages its full suite of design, prototyping, and aftermarket services; an expansion of its fabrication capabilities beyond steel, with an emphasis on lightweight aluminum, plastics and composites; diversification within high-growth energy transition markets; further market penetration within existing end markets; and the implementation of value-based pricing. During the third quarter of 2023, the Company closed the acquisition of MSA, which positions MEC to capitalize on revenue synergies within its existing legacy customer base and is now positioned to grow organically by pursuing demand for light-weight aluminum products in high-growth energy transition and fleet electrification applications. During the first quarter of 2024, MEC made substantial progress in growing its share of wallet with existing customers with multiple multi-year contract wins with major customers in the military, commercial vehicle, powersports and other end-markets.
-
Drive Human Resource Optimization. The Company remains focused on the recruitment and retention of skilled, experienced employees to support the growth of its business. This component of the MBX value creation framework is designed to provide competitive, performance-based incentives; develop high-potential candidates for internal development and advancement; ensure business continuity through multi-tiered succession planning; and to ensure a stable recruiting pipeline. As part of this effort, the Company completed the relocation of its corporate headquarters to
Milwaukee during the first quarter.
BALANCE SHEET UPDATE
As of March 31, 2024, MEC had net debt outstanding of
| ____________________________ | |
1 This amount is reduced to approximately |
FINANCIAL GUIDANCE
Today, the Company reaffirmed its financial guidance for the full year 2024. All guidance is current as of the time provided and is subject to change.
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FY 2023 |
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FY 2024 Forecast |
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(in Millions) |
|
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Actual |
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Low |
|
|
Mid |
|
|
High |
||
Net Sales |
|
$ |
588.4 |
|
$ |
620 |
|
$ |
630 |
|
$ |
640 |
||
Adjusted EBITDA |
|
$ |
66.1 |
|
$ |
72 |
|
$ |
74 |
|
$ |
76 |
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Free Cash Flow |
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$ |
23.8 |
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$ |
35 |
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$ |
40 |
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$ |
45 |
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The Company’s 2024 guidance reflects the expected softening in end market demand as the result of various macroeconomic factors, which the Company expects will be offset by the continued ramp-up of new project work with both new and existing customers. The Company’s 2024 financial guidance also reflects incremental contribution from the MSA acquisition, including
The Company’s 2024 financial guidance reflects incremental contributions from MBX and commercial pricing related initiatives of
The Company’s 2024 Free Cash Flow guidance reflects improved working capital utilization relative to 2023 and capital expenditures of between
FIRST QUARTER 2024 RESULTS CONFERENCE CALL
The Company will host a conference call on Wednesday, May 8, 2024 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
For a live webcast of the conference call and to access the accompanying investor presentation, please visit www.mecinc.com and click on the link to the live webcast on the Investors page.
For telephone access to the conference, call (833) 470-1428 within
FORWARD-LOOKING STATEMENTS
This press-release includes forward-looking statements that reflect plans, estimates and beliefs. Such statements involve risk and uncertainties. Actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors. Important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but are not limited to: macroeconomic conditions, including inflation, elevated interest rates and recessionary concerns, as well as continuing supply chain constraints affecting some of our customers, labor availability and material cost pressures, have had, and may continue to have, a negative impact on our business, financial condition, cash flows and results of operations (including future uncertain impacts); risks relating to developments in the industries in which our customers operate; risks related to scheduling production accurately and maximizing efficiency; our ability to realize net sales represented by our awarded business; failure to compete successfully in our markets; our ability to maintain our manufacturing, engineering and technological expertise; the loss of any of our large customers or the loss of their respective market shares; risks related to entering new markets; our ability to recruit and retain our key executive officers, managers and trade-skilled personnel; volatility in the prices or availability of raw materials critical to our business; manufacturing risks, including delays and technical problems, issues with third-party suppliers, environmental risks and applicable statutory and regulatory requirements; our ability to successfully identify or integrate acquisitions; our ability to develop new and innovative processes and gain customer acceptance of such processes; risks related to our information technology systems and infrastructure, including cybersecurity risks and data leakage risks; geopolitical and economic developments, including foreign trade relations and associated tariffs; results of legal disputes, including product liability, intellectual property infringement and other claims; risks associated with our capital-intensive industry; risks related to our treatment as an S Corporation prior to the consummation of our initial public offering; risks related to our employee stock ownership plan’s treatment as a tax-qualified retirement plan; and other factors described in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, as such may be amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q. This discussion should be read in conjunction with our audited consolidated financial statements included in the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2023. We undertake no obligation to update or revise any forward-looking statements after the date on which any such statement is made, whether as a result of new information, future events or otherwise, except as required by federal securities laws.
ABOUT MAYVILLE ENGINEERING COMPANY
Founded in 1945, MEC is a leading
NON-GAAP FINANCIAL MEASURES
This press release contains financial information calculated in a manner other than in accordance with
The non-GAAP measures used in this press release are EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Diluted EPS, and Free Cash Flow.
EBITDA represents net income before interest expense, provision for income taxes, depreciation, and amortization. EBITDA Margin represents EBITDA as a percentage of net sales for each period. Adjusted EBITDA represents EBITDA before stock-based compensation expense and legal costs due to the former fitness customer. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net sales for each period. Adjusted Net Income and Diluted EPS represent net income before the aforementioned Adjusted EBITDA addback items which do not reflect our core operating performance. Free Cash Flow represents net cash provided by, or used in, operating activities, less cash flows used in the purchase of property, plant and equipment. We present Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Diluted EPS, and Free Cash Flow as management uses these measures as key performance indicators, and we believe they are measures frequently used by securities analysts, investors and other parties to evaluate companies in our industry. These metrics are supplemental measures of our operating performance that are neither required by, nor presented in accordance with, GAAP. These measures should not be considered as an alternative to net income or cash flow provided by, or used in, operating activities, or any other performance measure derived in accordance with GAAP as an indicator of our operating performance. These measures may not be comparable to the similarly named measures reported by other companies and have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP.
Please reference our reconciliation of net income, the most directly comparable measure calculated in accordance with GAAP, to EBITDA, Adjusted EBITDA, Adjusted Net Income and Diluted EPS, Free Cash Flow and the calculation of EBITDA Margin and Adjusted EBITDA Margin included in this press release.
Mayville Engineering Company, Inc. Consolidated Balance Sheet (in thousands, except share amounts) |
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March 31, |
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December 31, |
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2024 |
|
|
2023 |
|
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ASSETS |
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Cash and cash equivalents |
|
$ |
314 |
|
|
$ |
672 |
|
Receivables, net of allowances for doubtful accounts of |
|
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70,331 |
|
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|
57,445 |
|
Inventories, net |
|
|
66,106 |
|
|
|
67,782 |
|
Tooling in progress |
|
|
5,232 |
|
|
|
5,457 |
|
Prepaid expenses and other current assets |
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|
3,523 |
|
|
|
3,267 |
|
Total current assets |
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|
145,506 |
|
|
|
134,623 |
|
Property, plant and equipment, net |
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|
172,095 |
|
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|
175,745 |
|
Goodwill |
|
|
92,650 |
|
|
|
92,650 |
|
Intangible assets, net |
|
|
56,934 |
|
|
|
58,667 |
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Operating lease assets |
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|
31,018 |
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|
32,233 |
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Other long-term assets |
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|
1,698 |
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|
2,743 |
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Total assets |
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$ |
499,901 |
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|
$ |
496,661 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Accounts payable |
|
$ |
54,457 |
|
|
$ |
46,526 |
|
Current portion of operating lease obligation |
|
|
5,010 |
|
|
|
5,064 |
|
Accrued liabilities: |
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|
||
Salaries, wages, and payroll taxes |
|
|
6,131 |
|
|
|
6,368 |
|
Profit sharing and bonus |
|
|
1,455 |
|
|
|
3,107 |
|
Other current liabilities |
|
|
12,093 |
|
|
|
10,644 |
|
Total current liabilities |
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|
79,146 |
|
|
|
71,709 |
|
Bank revolving credit notes |
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|
139,817 |
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|
147,493 |
|
Operating lease obligation, less current maturities |
|
|
27,532 |
|
|
|
28,606 |
|
Deferred compensation, less current portion |
|
|
4,182 |
|
|
|
3,816 |
|
Deferred income tax liability |
|
|
12,847 |
|
|
|
12,606 |
|
Other long-term liabilities |
|
|
2,340 |
|
|
|
2,453 |
|
Total liabilities |
|
$ |
265,864 |
|
|
$ |
266,683 |
|
Commitments and contingencies |
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|
|
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Common shares, no par value, 75,000,000 authorized, 22,009,409 shares issued at
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|
— |
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|
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— |
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Additional paid-in-capital |
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|
206,191 |
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|
205,373 |
|
Retained earnings |
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|
37,359 |
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|
34,118 |
|
Treasury shares at cost, 1,542,893 shares at March 31, 2024 and December 31, 2023 |
|
|
(9,513 |
) |
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|
(9,513 |
) |
Total shareholders’ equity |
|
|
234,037 |
|
|
|
229,978 |
|
Total |
$ |
499,901 |
|
|
$ |
496,661 |
|
|
Mayville Engineering Company, Inc. Consolidated Statement of Net Income (in thousands, except share amounts and per share data) |
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Three Months Ended |
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|
|
March 31, |
||||||
|
|
2024 |
|
|
2023 |
|
||
Net sales |
|
$ |
161,269 |
|
|
$ |
142,645 |
|
Cost of sales |
|
|
140,336 |
|
|
|
126,268 |
|
Amortization of intangible assets |
|
|
1,733 |
|
|
|
1,738 |
|
Profit sharing, bonuses, and deferred compensation |
|
|
3,800 |
|
|
|
3,003 |
|
Other selling, general and administrative expenses |
|
|
7,769 |
|
|
|
6,966 |
|
Income from operations |
|
|
7,631 |
|
|
|
4,670 |
|
Interest expense |
|
|
(3,356 |
) |
|
|
(1,658 |
) |
Income before taxes |
|
|
4,275 |
|
|
|
3,012 |
|
Income tax expense |
|
|
1,034 |
|
|
|
441 |
|
Net income and comprehensive income |
|
$ |
3,241 |
|
|
$ |
2,571 |
|
|
|
|
|
|
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Earnings per share: |
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|
|
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Basic |
|
$ |
0.16 |
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$ |
0.13 |
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Diluted |
|
$ |
0.16 |
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$ |
0.12 |
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Weighted average shares outstanding: |
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|
|
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Basic |
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|
20,485,933 |
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|
20,315,338 |
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Diluted |
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|
20,700,046 |
20,749,948 |
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Mayville Engineering Company, Inc. Consolidated Statement of Cash Flows (in thousands) |
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Three Months Ended |
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March 31, |
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|
2024 |
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|
2023 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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|
|
|
|
|
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Net income |
|
$ |
3,241 |
|
|
$ |
2,571 |
|
Adjustments to reconcile net income to net cash provided (used in) by operating activities: |
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|
|
|
|
|
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Depreciation |
|
|
7,521 |
|
|
|
6,142 |
|
Amortization |
|
|
1,733 |
|
|
|
1,738 |
|
Allowance for doubtful accounts |
|
|
(16 |
) |
|
|
27 |
|
Inventory excess and obsolescence reserve |
|
|
(247 |
) |
|
|
11 |
|
Stock-based compensation expense |
|
|
1,157 |
|
|
|
1,066 |
|
Loss (gain) on disposal of property, plant and equipment |
|
|
2 |
|
|
|
(138 |
) |
Deferred compensation |
|
|
316 |
|
|
|
(163 |
) |
Non-cash lease expense |
|
|
1,215 |
|
|
|
1,286 |
|
Other non-cash adjustments |
|
|
69 |
|
|
|
83 |
|
Changes in operating assets and liabilities: |
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|
|
|
|
|
||
Accounts receivable |
|
|
(12,870 |
) |
|
|
(16,265 |
) |
Inventories |
|
|
1,923 |
|
|
|
2,749 |
|
Tooling in progress |
|
|
225 |
|
|
|
(100 |
) |
Prepaids and other current assets |
|
|
(199 |
) |
|
|
110 |
|
Accounts payable |
|
|
6,727 |
|
|
|
(2,290 |
) |
Deferred income taxes |
|
|
1,159 |
|
|
|
441 |
|
Operating lease obligations |
|
|
(1,128 |
) |
|
|
(1,206 |
) |
Accrued liabilities |
|
|
(203 |
) |
|
|
(2,105 |
) |
Net cash provided by (used in) operating activities |
|
|
10,625 |
|
|
|
(6,043 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
||
Purchase of property, plant and equipment |
|
|
(2,775 |
) |
|
|
(2,408 |
) |
Proceeds from sale of property, plant and equipment |
|
|
107 |
|
|
|
153 |
|
Net cash used in investing activities |
|
|
(2,668 |
) |
|
|
(2,255 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
||
Proceeds from bank revolving credit notes |
|
|
119,351 |
|
|
|
119,700 |
|
Payments on bank revolving credit notes |
|
|
(127,026 |
) |
|
|
(110,360 |
) |
Repayments of other long-term debt |
|
|
(195 |
) |
|
|
(286 |
) |
Shares withheld for employees' taxes |
|
|
(683 |
) |
|
|
(661 |
) |
Payments on finance leases |
|
|
(107 |
) |
|
|
(96 |
) |
Proceeds from the exercise of stock options |
|
|
345 |
|
|
|
— |
|
Net cash provided by (used in) financing activities |
|
|
(8,315 |
) |
|
|
8,297 |
|
Net decrease in cash and cash equivalents |
|
|
(358 |
) |
|
|
(1 |
) |
Cash and cash equivalents at beginning of period |
|
|
672 |
|
|
|
127 |
|
Cash and cash equivalents at end of period |
|
$ |
314 |
|
|
$ |
126 |
|
Mayville Engineering Company, Inc. Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in thousands) |
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|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
||||
|
|
March 31, |
|
||||
|
|
2024 |
|
2023 |
|
||
Net income and comprehensive income |
|
$ |
3,241 |
|
$ |
2,571 |
|
Interest expense |
|
|
3,356 |
|
|
1,658 |
|
Provision for income taxes |
|
|
1,034 |
|
|
441 |
|
Depreciation and amortization |
|
|
9,254 |
|
|
7,880 |
|
EBITDA |
|
|
16,885 |
|
|
12,550 |
|
Stock-based compensation expense |
|
|
1,157 |
|
|
1,066 |
|
Legal costs due to former fitness customer |
|
|
479 |
|
|
224 |
|
Adjusted EBITDA |
|
$ |
18,521 |
|
$ |
13,840 |
|
Net sales |
|
$ |
161,269 |
|
$ |
142,645 |
|
EBITDA Margin |
|
|
10.5 |
% |
|
8.8 |
% |
Adjusted EBITDA Margin |
|
|
11.5 |
% |
|
9.7 |
% |
Mayville Engineering Company, Inc. Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Diluted EPS (in thousands, except share amounts and per share data) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|||||||||||||||
|
|
March 31, |
|
|||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||
|
|
Earnings |
|
Diluted EPS |
|
|
Earnings |
|
Diluted EPS |
|
||||||||
Net income and comprehensive income |
|
$ |
3,241 |
|
|
$ |
0.16 |
|
|
|
$ |
2,571 |
|
|
$ |
0.12 |
|
|
Stock-based compensation expense |
|
|
1,157 |
|
|
|
0.06 |
|
|
|
|
1,066 |
|
|
|
0.05 |
|
|
Legal costs due to former fitness customer |
|
|
479 |
|
|
|
0.02 |
|
|
|
|
224 |
|
|
|
0.01 |
|
|
Tax effect of above adjustments |
|
|
(271 |
) |
|
|
(0.01 |
) |
|
|
|
(312 |
) |
|
|
(0.02 |
) |
|
Adjusted net income and comprehensive income |
|
$ |
4,606 |
|
|
$ |
0.22 |
|
|
|
$ |
3,549 |
|
|
$ |
0.17 |
|
|
Mayville Engineering Company, Inc. Reconciliation of Free Cash Flow (in thousands) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
|
|
2024 |
|
|
2023 |
|
||
Net cash provided by (used in) operating activities |
|
$ |
10,625 |
|
|
$ |
(6,043 |
) |
Less: Capital expenditures |
|
|
2,775 |
|
|
|
2,408 |
|
Free cash flow |
|
$ |
7,850 |
|
|
$ |
(8,451 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507772276/en/
INVESTOR CONTACT
Stefan Neely or Noel Ryan
(615) 844-6248
MEC@val-adv.com
Source: Mayville Engineering Company
FAQ
What were Mayville Engineering Company's first quarter 2024 net sales?
What was the increase in net income for Mayville Engineering Company in the first quarter 2024 compared to the prior year period?
What is Mayville Engineering Company's Adjusted EBITDA margin target by 2026?
How much did Mayville Engineering Company repay in outstanding debt during the first quarter 2024?
What was the increase in free cash flow for Mayville Engineering Company in the first quarter 2024?
