Welcome to our dedicated page for Mayville Engineering Company news (Ticker: MEC), a resource for investors and traders seeking the latest updates and insights on Mayville Engineering Company stock.
Mayville Engineering Company, Inc. (MEC) is a distinguished, employee-owned organization with a rich history spanning over 60 years. Recognized for its excellence and leadership in the manufacturing and fabricating industry, MEC caters to a wide array of sectors including military, agriculture, commercial vehicles, construction, recreational vehicles, medical, and communications.
As a comprehensive manufacturing partner, MEC offers a versatile range of services. These include prototyping, contract production, metal fabrication, mechanical and electro-mechanical assembly, validation and testing, coating, logistical solutions, tube bending and forming, laser cutting, and welding. This broad suite of services allows MEC to meet and exceed the diverse needs of its customers across various end markets.
MEC's latest initiatives and projects demonstrate its commitment to innovation and customer satisfaction. The company has recently expanded its capabilities in fiber laser cutting, stamping, shearing, forming, drilling, tapping, grinding, and machining. Moreover, MEC's services extend to thorough assembly and efficient logistic services, ensuring a seamless supply chain for their clients.
The company's financial health remains robust, underpinned by strategic partnerships and a solid customer base. MEC's dedication to quality and precision is reflected in its state-of-the-art facilities and advanced manufacturing technologies. This commitment has earned the company numerous awards and a reputation for reliability and excellence in the industry.
With a focus on continuous improvement and technological advancement, Mayville Engineering Company, Inc. remains a pivotal player in the manufacturing sector, consistently delivering high-value solutions to its global clientele.
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.
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