Mayville Engineering Company, Inc. - MEC STOCK NEWS

Mayville Engineering Company (NYSE: MEC) announced its participation in the 42nd Annual William Blair Growth Stock Conference scheduled for June 9, 2022, at 10:00 am Central Time. Presenters include Bob Kamphuis, Todd Butz, and Ryan Raber. The event will be webcast live and accessible via the company's website, mecinc.com. MEC is a U.S.-based manufacturing partner since 1945, serving diverse markets including commercial vehicles and military.

Mayville Engineering Company (NYSE: MEC) announced a robust first quarter for 2022, with net sales reaching $136.3 million, a 21% increase from the previous year. The company reported net income of $3.8 million, reflecting a 50% year-on-year growth. Basic earnings per share rose to $0.19. Adjusted EBITDA improved to $14.8 million. Despite supply chain challenges, MEC is expanding capacity at its Hazel Park, Michigan facility. The company maintains its 2022 guidance, anticipating net sales between $480 million and $530 million.

Mayville Engineering Company (MEC) announced it will release its financial results for Q1 2022 on May 3, 2022, post-market close. A comprehensive conference call is scheduled for May 4, 2022, at 9:00 a.m. CT, featuring key executives including Chairman Robert Kamphuis and CFO Todd Butz. Investors can access the live webcast via www.mecinc.com. The company, established in 1945, operates 19 facilities across seven states, providing various manufacturing and engineering services tailored to multiple industries.

Mayville Engineering Company (NYSE: MEC) announces the retirement of Robert D. Kamphuis as Chairman, President, and CEO effective September 30, 2022. Kamphuis has led the company since 2005, growing revenues from $62 million to approximately $450 million and expanding from 3 to 20 facilities. His tenure included completing several key acquisitions and transitioning MEC to a public company in 2019. A nationwide search for a new CEO will be conducted.

Mayville Engineering Company (NYSE: MEC) reported a 27% increase in full-year net sales to $454.8 million for 2021. Despite a net loss of $7.5 million that included a $16.9 million impairment charge related to a fitness customer, the company generated Adjusted EBITDA of $46.2 million with a margin of 10.2%. For Q4, net sales rose 19% to $113.0 million, although manufacturing margins decreased to $9.4 million due to inflation. The 2022 outlook anticipates net sales between $480 million and $530 million.

Mayville Engineering Company (MEC) will release its financial results for Q4 and full year 2021 on March 1, 2022, after market close. A conference call will follow on March 2, 2022, at 9:00 a.m. Central Time, led by CEO Robert Kamphuis and CFO Todd Butz. The call will be accessible via webcast and telephone. MEC specializes in value-added manufacturing for various industries, including commercial vehicles and military applications.

Mayville Engineering Company (NYSE: MEC) provides updates on its financial outlook for 2021 and preliminary guidance for 2022 while reviewing its end markets and new business initiatives. For 2021, net sales are expected between $450 million and $455 million, with adjusted EBITDA of $46 million to $47 million. The 2022 guidance predicts net sales of $480 million to $530 million, excluding new fitness customer revenue. MEC notes supply chain challenges impacted its business but anticipates growth as conditions stabilize.

Mayville Engineering Company (NYSE: MEC) has been ranked 51st on the List of Largest Closely Held Companies in Wisconsin for the 18th consecutive year. This annual list highlights significant business contributions and recognitions. MEC, headquartered in Wisconsin, operates 20 facilities across seven states, with a focus on value-added manufacturing in various industries such as agriculture and military. Approximately 60% of MEC is employee-owned, with over 2,000 shareholders.

Mayville Engineering Company (NYSE: MEC) reported third quarter 2021 net sales of $109.0 million, up from $91.1 million year-over-year. The company recorded a net income of $0.3 million and Adjusted EBITDA of $10.0 million. Despite short-term volume deferrals due to customer supply chain constraints and inflationary pressures, MEC maintains a positive long-term outlook and is expanding its Hazel Park, MI facility. The company has modified its 2021 financial projections, anticipating net sales between $450 million and $470 million.