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) reported that its manufacturing facility in Mayville, Wisconsin was hit by a tornado on May 15, 2025. The company confirmed that all employees are safe with no injuries reported. The facility sustained limited damage, and MEC expects minimal business impact, with operations projected to resume normal activities by early next week.
Mayville Engineering Company (NYSE: MEC), a leading value-added provider of design, prototyping and manufacturing solutions, has scheduled its first quarter 2025 earnings release for Tuesday, May 6, 2025, after market close.
The company will host a conference call and webcast on Wednesday, May 7, 2025, at 10:00 a.m. ET to discuss financial results and recent events, followed by a Q&A session. Investors can access the webcast and presentation materials through MEC's investor relations website at ir.mecinc.com.
Mayville Engineering Company (NYSE: MEC) has appointed Craig Nichols as Senior Vice President Operations and Supply Chain, effective March 10, 2025. Nichols, who brings over 30 years of operations, supply chain management, and manufacturing expertise, will report directly to President and CEO Jag Reddy.
Throughout his career, Nichols has demonstrated success in implementing continuous improvement initiatives across multi-site global manufacturing organizations. The appointment aligns with MEC's strategic MBX value-creation framework, focusing on optimizing the business for long-term, profitable growth.
Mayville Engineering Company (NYSE: MEC) reported Q4 2024 results with net sales of $121.3 million and net income of $16.0 million ($0.76 per diluted share). The quarter saw Adjusted EBITDA of $9.2 million with a 7.6% margin.
For full-year 2024, MEC achieved net sales of $581.6 million (-1.2% YoY), net income of $26.0 million ($1.24 per diluted share), and Adjusted EBITDA of $64.4 million with an 11.1% margin. The company generated Free Cash Flow of $77.7 million, including $25.5 million from a settlement agreement.
Looking ahead to 2025, MEC projects net sales between $560-590 million and Adjusted EBITDA of $60-66 million. The company booked over $100 million in new business wins in 2024, up 12% from the prior year. Management expects muted demand conditions in H1 2025, with gradual improvement anticipated in H2.
Mayville Engineering Company (NYSE: MEC) has scheduled its fourth quarter and full year 2024 financial results announcement for Tuesday, March 4, 2025, after market close. The company will host a conference call and webcast on Wednesday, March 5, 2025, at 10:00 a.m. ET to discuss the results and conduct a Q&A session.
Investors can access the webcast and presentation materials through MEC's investor relations website at https://ir.mecinc.com. Participants are advised to register at least 15 minutes before the scheduled start time to ensure proper setup.
Mayville Engineering Company (NYSE: MEC) announced a leadership transition with Chief Financial Officer Todd Butz set to leave by June 30, 2025. Rachele Lehr, Chief Human Resources Officer, will succeed him as CFO effective April 22, 2025, after the annual shareholders' meeting. Lehr has over 25 years of experience in corporate finance, strategic planning, and human resources, previously holding senior roles at Briggs & Stratton and working with PwC. CEO Jag Reddy praised Lehr's strategic leadership and organizational transformation abilities. Butz, who joined MEC in 2008, was acknowledged for his contributions to the company's multi-year value creation strategy. Lehr expressed enthusiasm for her new role, aiming to drive long-term value for stakeholders. MEC also reaffirmed its full-year 2024 financial guidance.
Mayville Engineering Company (NYSE: MEC) reported Q3 2024 results with net sales of $135.4 million, down 14.4% year-over-year. Net income increased to $3.0 million ($0.14 per diluted share), up $1.6 million from prior year. The company faced softening demand and customer de-stocking, leading to implementation of cost rationalization initiatives including 12% workforce reduction and facility closure. Adjusted EBITDA was $17.1 million (12.6% margin), down 11.2%. MEC received a $25.5 million settlement from a former fitness customer. The company reduced its 2024 guidance, now expecting net sales of $580-590 million and Adjusted EBITDA of $63-66 million.
Mayville Engineering Company (NYSE: MEC) has announced a formal Settlement Agreement with Peloton Interactive to resolve a previously-disclosed lawsuit. Under the agreement terms, MEC will receive a $25.5 million gross payment from Peloton, and both parties will dismiss the lawsuit and exchange mutual releases. The agreement was executed on October 28, 2024, with no admission of liability by either party.