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) announced it will release its fourth quarter and full-year 2022 results on February 28, 2023, after market close. A conference call will follow on March 1, 2023, at 10:00 a.m. ET, allowing stakeholders to review financial results and recent developments. Participants can access the live call via direct phone lines and an online webcast available on the Company’s Investor Relations website. MEC provides design, prototyping, and manufacturing solutions across diverse markets, operating 20 facilities in seven states to serve sectors such as commercial vehicles, construction, and military.
Mayville Engineering Company (NYSE: MEC) announced the appointment of Sean Leuba as Senior Vice President, Corporate Development and General Counsel, effective January 25, 2023. Mr. Leuba brings over two decades of experience in public-company development and legal expertise from Caterpillar (NYSE: CAT). CEO Jag Reddy expressed confidence that Leuba's leadership will significantly contribute to MEC's growth objectives across various markets. Leuba stated his eagerness to execute the company's long-term growth plan during this transformative period.
Mayville Engineering Company (NYSE: MEC) has elected Robert (Bob) McCormick as a new independent director, effective immediately. McCormick, currently CEO of Douglas Dynamics (NYSE: PLOW), brings over 40 years of executive experience in manufacturing and growth strategies. Tim Christen, Chair of the Board, expressed confidence in McCormick's ability to drive value through his operational and financial expertise. McCormick will also serve on the Audit Committee and is set for reelection at the 2023 annual meeting, joining a Board of eight members, including seven independents.
Mayville Engineering Company (NYSE: MEC) will present at the Sidoti December Virtual Investor Conference on December 8, 2022, starting at 10:45 AM ET. CEO Jag Reddy and CFO Todd Butz will host one-on-one investor meetings on December 7 and 8. The presentation can be accessed live through a provided link, and registration for both the presentation and meetings is free and open to all. MEC is a value-added manufacturing partner founded in 1945, serving various sectors including commercial vehicles and military.
Mayville Engineering Company (NYSE: MEC) reported substantial year-over-year improvements for Q3 2022. Net sales surged 25% to $136.3 million, while net income climbed to $6.6 million from $0.3 million. Basic EPS rose to $0.32, and Adjusted EBITDA increased to $16.1 million. The company commenced operations at its new Hazel Park facility and launched the MEC Business Excellence (MBX) initiative focused on operational efficiency. While positive, the company faces uncertainties regarding a lawsuit involving a former customer, impacting potential recoveries.
Mayville Engineering Company (MEC) will announce its third quarter 2022 financial results on November 1, 2022, following market closure. A conference call is scheduled for November 2, 2022, at 9:00 a.m. CT, hosted by CEO Jag Reddy and CFO Todd Butz, with additional executives participating. Investors can access the call via telephone or live webcast on MEC's website. The company, established in 1945, specializes in value-added manufacturing services across various sectors, including commercial vehicles and military.
Mayville Engineering Company (NYSE: MEC) reported a strong second quarter for 2022, with net sales of $138.3 million, a 15% increase from the previous year. Net income surged 80% to $5.9 million, and basic earnings per share rose to $0.29. Adjusted EBITDA reached $18.2 million, up from $14.0 million. The company successfully subleased a portion of its Hazel Park facility. MEC reiterated its 2022 guidance, expecting net sales between $480 million and $530 million.
Jag Reddy is now President and CEO, emphasizing growth opportunities amid shifting macroeconomic trends.
Mayville Engineering Company (MEC) will report its financial results for Q2 2022 on August 2, 2022, after market close. A conference call, hosted by President and CEO Jag Reddy and other executives, is scheduled for August 3, 2022, at 9:00 a.m. CT. Investors can access the call via a live webcast on MEC's website or by telephone. MEC, founded in 1945, specializes in value-added manufacturing across various industries, including commercial vehicles, construction, and military.
Mayville Engineering Company (NYSE: MEC) announced the appointment of Jagadeesh A. Reddy as President and CEO effective July 19, 2022. Timothy L. Christen has been named non-executive Chair of the Board. Reddy brings 26 years of leadership experience in global businesses, aiming to enhance MEC's growth amidst increasing focus on re-shoring and outsourcing. The former CEO, Bob Kamphuis, will assist in the transition until September 30, 2022. The changes align with MEC's strategy to innovate and streamline operations, leveraging market opportunities.
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