Mayville Engineering Company Announces Second Quarter 2023 Results
SECOND QUARTER 2023 RESULTS
(All comparisons versus the prior-year period)
-
Net sales of
, or +$139.0 million 0.5% y/y -
Net income of
, or$1.6 million per diluted share$0.08 -
Non-GAAP Adjusted Diluted EPS of
$0.20 -
Adjusted EBITDA of
, including a$15.3 million impact from$1.4 million Hazel Park facility ramp-up -
Adjusted EBITDA margin of
11.0% , including a 100 bps impact fromHazel Park facility ramp-up
MANAGEMENT COMMENTARY
“Our second quarter results demonstrate favorable demand conditions across our key end markets, together with the early benefits of targeted price actions and improved asset optimization, consistent with our MBX value creation strategy,” stated Jag Reddy, President and Chief Executive Officer. “Organic sales momentum across key customer accounts supported improved utilization across our network during the second quarter, resulting in 130 basis points of sequential EBITDA margin improvement. Given current order rates and anticipated activity levels, we expect stable volume growth in the second half of 2023.”
“Our MBX strategy has positioned MEC to become an increasingly cash generative business,” continued Reddy. “During the first half of the year, we’ve delivered more than
“In July, we closed on our acquisition of Mid-States Aluminum, providing us with a strategic entry point into high-value, light-weight materials fabrication, positioning MEC to grow our share-of-wallet with existing accounts, most notably in our commercial vehicle, powersports, and agriculture end markets, while building leading market positions within emerging, high potential industries requiring the full lifecycle of solutions we offer,” noted Reddy. “The integration is moving forward seamlessly, with both MEC and MSA teams collaborating to provide our combined customer base with a full life cycle of on-demand solutions that include design, engineering and custom fabrication. We continue to expect that the MSA acquisition will contribute between
“Today, we are increasing our full-year 2023 guidance, including partial-year contributions from the MSA acquisition,” concluded Reddy. “Looking to the second half of the year, we anticipate year-over-year growth in demand across our powersports and military end-markets, partially offset by softer demand within our commercial vehicle and construction markets, consistent with our expectations entering the year. On balance, we continue to focus on long-term value creation as we drive commercial growth in higher-value adjacent markets, further improve asset utilization and drive ratable margin expansion.”
PERFORMANCE SUMMARY
Net sales increased by
Manufacturing margin was
Profit sharing, bonus and deferred compensation expense increased
Interest expense was
Net income for the second quarter of 2023 was
MEC reported Adjusted EBITDA of
Adjusted net income for the second quarter of 2023 was
Net cash provided by operations during the second quarter of 2023 was
END-MARKET UPDATE |
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Three Months Ended |
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June 30, |
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2023 |
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2022 |
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Commercial Vehicle |
|
$ |
56,075 |
|
$ |
55,130 |
Construction & Access |
|
|
26,522 |
|
|
29,388 |
Powersports |
|
|
23,995 |
|
|
22,379 |
Agriculture |
|
|
13,444 |
|
|
15,367 |
Military |
|
|
8,910 |
|
|
5,363 |
Other |
|
|
10,033 |
|
|
10,710 |
Net Sales |
|
$ |
138,980 |
|
$ |
138,337 |
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 thousands of parts 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 the 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 thousands of parts 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, mining, forestry, communications, and medical markets.
Net sales to other end markets for the second quarter of 2023 were
STRATEGIC UPDATE
During the second 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 MBX to drive improved margin capture, free cash generation and profitability over a multi-year period.
- Drive a High-Performance Culture. The Company is focused on effectuating cultural change across its organization by implementing performance-based metrics, daily lean management and other process-oriented strategies. Through these efforts, the Company intends to create a high-performance culture capable of driving improved performance, asset utilization and cost optimization. During the second quarter, the Company continued to drive the implementation and alignment of processes and best-practices across the enterprise to drive strategic execution.
- 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. During the second quarter, the Company held a number of kaizen events to drive continuous improvement in plant operations.
-
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 second quarter, the Company executed on this strategy with the acquisition of MSA, a market-leading fabricator of aluminum extrusions for total consideration of
. Through the MSA acquisition, MEC will be able 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 EV and energy transition markets.$96 million - 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.
BALANCE SHEET UPDATE
At June 30, 2023, MEC had net debt outstanding of
_________________ |
1This amount is reduced to approximately |
FINANCIAL GUIDANCE
The Company increased financial guidance for the full year 2023. All guidance is current as of the time provided and is subject to change.
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FY 2022 |
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1H 2023 |
2H 2023 |
FY 2023 |
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(in Millions) |
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Actual |
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Actual |
Forecast |
Forecast |
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Net Sales |
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Adjusted EBITDA |
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Capital Expenditures |
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The Company has increased its 2023 guidance to reflect its current view of the remainder of the year and to reflect the MSA acquisition. The increased guidance now reflects an expected
SECOND QUARTER 2023 RESULTS CONFERENCE CALL
The Company will host a conference call on Wednesday, August 2, 2023 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, rising interest rates and recessionary concerns, as well as ongoing supply chain challenges, labor availability and cost pressures, and the COVID-19 pandemic, 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; 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, 2022, 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, 2022. 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, Mayville Engineering Company (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 and Adjusted Net Income and Diluted EPS.
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, MSA acquisition related costs, loss on debt extinguishment, field replacement claim,
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 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) (unaudited) |
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June 30, |
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December 31, |
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2023 |
|
2022 |
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ASSETS |
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Cash and cash equivalents |
|
$ |
90,125 |
|
|
$ |
127 |
|
Receivables, net of allowances for doubtful accounts of |
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|
69,066 |
|
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|
58,001 |
|
Inventories, net |
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|
66,828 |
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|
71,708 |
|
Tooling in progress |
|
|
7,827 |
|
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|
7,938 |
|
Prepaid expenses and other current assets |
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|
4,360 |
|
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|
3,529 |
|
Total current assets |
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|
238,206 |
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|
141,303 |
|
Property, plant and equipment, net |
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|
141,326 |
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|
145,771 |
|
Assets held for sale |
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|
81 |
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|
83 |
|
Goodwill |
|
|
71,535 |
|
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|
71,535 |
|
Intangible assets, net |
|
|
40,333 |
|
|
|
43,809 |
|
Operating lease assets |
|
|
33,929 |
|
|
|
36,073 |
|
Other long-term assets |
|
|
3,192 |
|
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|
2,007 |
|
Total assets |
|
$ |
528,602 |
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|
$ |
440,581 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Accounts payable |
|
$ |
52,354 |
|
|
$ |
53,735 |
|
Current portion of operating lease obligation |
|
|
5,017 |
|
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|
4,857 |
|
Accrued liabilities: |
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Salaries, wages, and payroll taxes |
|
|
8,229 |
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|
7,288 |
|
Profit sharing and bonus |
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|
1,499 |
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|
6,860 |
|
Current portion of deferred compensation |
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|
273 |
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|
18,062 |
|
Other current liabilities |
|
|
11,333 |
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|
|
11,646 |
|
Total current liabilities |
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|
78,705 |
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|
102,448 |
|
Bank revolving credit notes |
|
|
177,943 |
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|
72,236 |
|
Operating lease obligation, less current maturities |
|
|
29,745 |
|
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|
31,891 |
|
Deferred compensation, less current portion |
|
|
3,446 |
|
|
|
3,132 |
|
Deferred income tax liability |
|
|
12,710 |
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|
11,818 |
|
Other long-term liabilities |
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|
684 |
|
|
|
1,189 |
|
Total liabilities |
|
$ |
303,233 |
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|
$ |
222,714 |
|
Commitments and contingencies |
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Common shares, no par value, 75,000,000 authorized, 21,829,453 shares issued at June 30, 2023 and 21,645,193 at December 31, 2022 |
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— |
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— |
|
Additional paid-in-capital |
|
|
203,423 |
|
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|
200,945 |
|
Retained earnings |
|
|
30,459 |
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|
26,274 |
|
Treasury shares at cost, 1,458,655 shares at June 30, 2023 and 1,472,447 at December 31, 2022 |
|
|
(8,513 |
) |
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|
(9,352 |
) |
Total shareholders’ equity |
|
|
225,369 |
|
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|
217,867 |
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Total |
|
$ |
528,602 |
|
|
$ |
440,581 |
|
Mayville Engineering Company, Inc. Consolidated Statement of Net Income (in thousands, except share amounts and per share data) (unaudited) |
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Three Months Ended |
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Six Months Ended |
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|
June 30, |
|
June 30, |
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|
2023 |
|
2022 |
|
2023 |
|
2022 |
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Net sales |
|
$ |
138,980 |
|
|
$ |
138,337 |
|
|
$ |
281,626 |
|
|
$ |
274,589 |
|
Cost of sales |
|
|
122,885 |
|
|
|
120,079 |
|
|
|
249,154 |
|
|
|
241,449 |
|
Amortization of intangible assets |
|
|
1,738 |
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|
|
1,738 |
|
|
|
3,476 |
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|
3,476 |
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Profit sharing, bonuses, and deferred compensation |
|
|
2,688 |
|
|
|
1,208 |
|
|
|
5,690 |
|
|
|
3,755 |
|
Employee stock ownership plan expense |
|
|
— |
|
|
|
1,330 |
|
|
|
— |
|
|
|
1,820 |
|
Other selling, general and administrative expenses |
|
|
7,396 |
|
|
|
6,396 |
|
|
|
14,363 |
|
|
|
12,121 |
|
Impairment of long-lived assets and gain on contracts |
|
|
— |
|
|
|
(906 |
) |
|
|
— |
|
|
|
(2,089 |
) |
Income from operations |
|
|
4,273 |
|
|
|
8,492 |
|
|
|
8,943 |
|
|
|
14,057 |
|
Interest expense |
|
|
(1,968 |
) |
|
|
(765 |
) |
|
|
(3,626 |
) |
|
|
(1,332 |
) |
Loss on extinguishment of debt |
|
|
(216 |
) |
|
|
— |
|
|
|
(216 |
) |
|
|
— |
|
Income before taxes |
|
|
2,089 |
|
|
|
7,727 |
|
|
|
5,101 |
|
|
|
12,725 |
|
Income tax expense |
|
|
475 |
|
|
|
1,798 |
|
|
|
916 |
|
|
|
2,974 |
|
Net income and comprehensive income |
|
$ |
1,614 |
|
|
$ |
5,929 |
|
|
$ |
4,185 |
|
|
$ |
9,751 |
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Earnings per share: |
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||||
Basic |
|
$ |
0.08 |
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|
$ |
0.29 |
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|
$ |
0.21 |
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|
$ |
0.48 |
|
Diluted |
|
$ |
0.08 |
|
|
$ |
0.29 |
|
|
$ |
0.20 |
|
|
$ |
0.47 |
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Weighted average shares outstanding: |
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|
|
|
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||||
Basic |
|
|
20,494,437 |
|
|
|
20,581,945 |
|
|
|
20,405,383 |
|
|
|
20,490,944 |
|
Diluted |
|
|
20,827,728 |
|
|
|
20,650,551 |
|
|
|
20,789,175 |
|
|
|
20,807,677 |
|
Mayville Engineering Company, Inc. Consolidated Statement of Cash Flows (in thousands) (unaudited) |
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Six Months Ended |
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June 30, |
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|
|
2023 |
|
2022 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
||
Net income |
|
$ |
4,185 |
|
|
$ |
9,751 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
12,415 |
|
|
|
10,975 |
|
Amortization |
|
|
3,476 |
|
|
|
3,476 |
|
Allowance for doubtful accounts |
|
|
6 |
|
|
|
168 |
|
Inventory excess and obsolescence reserve |
|
|
41 |
|
|
|
87 |
|
Stock-based compensation expense |
|
|
2,420 |
|
|
|
2,714 |
|
Gain on disposal of property, plant and equipment |
|
|
(135 |
) |
|
|
(625 |
) |
Impairment of long-lived assets and gain on contracts |
|
|
— |
|
|
|
(2,089 |
) |
Deferred compensation |
|
|
(17,475 |
) |
|
|
(4,637 |
) |
Loss on extinguishment of debt |
|
|
216 |
|
|
|
— |
|
Non-cash lease expense |
|
|
2,144 |
|
|
|
2,482 |
|
Other non-cash adjustments |
|
|
184 |
|
|
|
176 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(11,071 |
) |
|
|
(15,973 |
) |
Inventories |
|
|
4,839 |
|
|
|
(4,033 |
) |
Tooling in progress |
|
|
111 |
|
|
|
(1,367 |
) |
Prepaids and other current assets |
|
|
(897 |
) |
|
|
(1,561 |
) |
Accounts payable |
|
|
(3,061 |
) |
|
|
9,275 |
|
Deferred income taxes |
|
|
638 |
|
|
|
2,504 |
|
Operating lease obligations |
|
|
(1,986 |
) |
|
|
(2,270 |
) |
Accrued liabilities |
|
|
(1,915 |
) |
|
|
6,631 |
|
Net cash provided by (used in) operating activities |
|
|
(5,865 |
) |
|
|
15,684 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
||
Purchase of property, plant and equipment |
|
|
(6,320 |
) |
|
|
(26,351 |
) |
Proceeds from sale of property, plant and equipment |
|
|
153 |
|
|
|
5,228 |
|
Net cash used in investing activities |
|
|
(6,167 |
) |
|
|
(21,123 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
||
Proceeds from bank revolving credit notes |
|
|
347,324 |
|
|
|
218,867 |
|
Payments on bank revolving credit notes |
|
|
(241,618 |
) |
|
|
(210,414 |
) |
Repayments of other long-term debt |
|
|
(575 |
) |
|
|
(547 |
) |
Payments of financing costs |
|
|
(1,248 |
) |
|
|
— |
|
Purchase of treasury stock |
|
|
(1,661 |
) |
|
|
(2,323 |
) |
Payments on finance leases |
|
|
(192 |
) |
|
|
(157 |
) |
Net cash provided by financing activities |
|
|
102,030 |
|
|
|
5,426 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
89,998 |
|
|
|
(13 |
) |
Cash and cash equivalents at beginning of period |
|
|
127 |
|
|
|
118 |
|
Cash and cash equivalents at end of period |
|
$ |
90,125 |
|
|
$ |
105 |
|
Mayville Engineering Company, Inc. Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in thousands) (unaudited) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
|||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||||
Net income and comprehensive income |
$ |
1,614 |
|
$ |
5,929 |
|
$ |
4,185 |
|
$ |
9,751 |
|
||||
Interest expense |
|
1,968 |
|
|
765 |
|
|
3,626 |
|
|
1,332 |
|
||||
Provision for income taxes |
|
475 |
|
|
1,798 |
|
|
916 |
|
|
2,974 |
|
||||
Depreciation and amortization |
|
8,011 |
|
|
7,245 |
|
|
15,891 |
|
|
14,451 |
|
||||
EBITDA |
|
12,068 |
|
|
15,737 |
|
|
24,618 |
|
|
28,508 |
|
||||
Loss on extinguishment of debt |
|
216 |
|
|
— |
|
|
216 |
|
|
— |
|
||||
MSA acquisition related costs |
|
899 |
|
|
— |
|
|
899 |
|
|
— |
|
||||
Stock-based compensation expense |
|
1,354 |
|
|
1,456 |
|
|
2,420 |
|
|
2,714 |
|
||||
Field replacement claim |
|
490 |
|
|
— |
|
|
490 |
|
|
— |
|
||||
|
|
272 |
|
|
1,889 |
|
|
495 |
|
|
3,816 |
|
||||
Impairment of long-lived assets and gain on contracts |
|
— |
|
|
(906 |
) |
|
— |
|
|
(2,089 |
) |
||||
Adjusted EBITDA |
$ |
15,299 |
|
$ |
18,176 |
|
$ |
29,138 |
|
$ |
32,949 |
|
||||
Net sales |
$ |
138,980 |
|
$ |
138,337 |
|
$ |
281,626 |
|
$ |
274,589 |
|
||||
EBITDA Margin |
|
8.7 |
% |
|
11.4 |
% |
|
8.7 |
% |
|
10.4 |
% |
||||
Adjusted EBITDA Margin |
|
11.0 |
% |
|
13.1 |
% |
|
10.3 |
% |
|
12.0 |
% |
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) (unaudited) |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||||||||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||||||||||||||
|
|
Earnings |
|
Diluted EPS |
|
Earnings |
|
Diluted EPS |
|
Earnings |
|
Diluted EPS |
|
Earnings |
|
Diluted EPS |
||||||||||||||||
Net income and comprehensive income |
|
$ |
1,614 |
|
|
$ |
0.08 |
|
|
$ |
5,929 |
|
|
$ |
0.29 |
|
|
$ |
4,185 |
|
|
$ |
0.20 |
|
|
$ |
9,751 |
|
|
$ |
0.47 |
|
Loss on extinguishment of debt |
|
|
216 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
216 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
MSA acquisition related costs |
|
|
899 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
|
|
899 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
|
1,354 |
|
|
|
0.07 |
|
|
|
1,456 |
|
|
|
0.07 |
|
|
|
2,420 |
|
|
|
0.12 |
|
|
|
2,714 |
|
|
|
0.13 |
|
Field replacement claim |
|
|
490 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
490 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
|
272 |
|
|
|
0.01 |
|
|
|
1,889 |
|
|
|
0.09 |
|
|
|
495 |
|
|
|
0.02 |
|
|
|
3,816 |
|
|
|
0.18 |
|
Impairment of long-lived assets and gain on contracts |
|
|
— |
|
|
|
— |
|
|
|
(906 |
) |
|
|
(0.04 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,089 |
) |
|
|
(0.10 |
) |
Tax effect of above adjustments |
|
|
(783 |
) |
|
|
(0.04 |
) |
|
|
(579 |
) |
|
|
(0.03 |
) |
|
|
(1,095 |
) |
|
|
(0.05 |
) |
|
|
(1,054 |
) |
|
|
(0.05 |
) |
Adjusted net income and comprehensive income |
|
$ |
4,062 |
|
|
$ |
0.20 |
|
|
$ |
7,789 |
|
|
$ |
0.38 |
|
|
$ |
7,610 |
|
|
$ |
0.37 |
|
|
$ |
13,138 |
|
|
$ |
0.63 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230801830113/en/
Stefan Neely or Noel Ryan
(615) 844-6248
MEC@val-adv.com
Source: Mayville Engineering Company