Mayville Engineering Company, Inc. - MEC STOCK NEWS

Mayville Engineering Company (NYSE: MEC) announced strong second-quarter results for 2021, with net sales of $120.2 million, a significant increase from $62.6 million in the prior year. The company's net income rose to $3.3 million, while Adjusted EBITDA reached $14.0 million. MEC completed a 450,000 sq. ft. facility in Hazel Park, MI, and reduced net debt to $46.2 million. The company confirmed its 2021 guidance, adjusting projected net sales to between $470 million and $490 million. Challenges include employee availability, inflation, and supply chain constraints.

Mayville Engineering Company (MEC) will release its financial results for Q2 2021 on August 3, 2021, after market close. A conference call is scheduled for August 4, 2021, at 9:00 a.m. Central Time, featuring key executives Robert Kamphuis, Todd Butz, and Ryan Raber. Participants can access the call via a live webcast at www.mecinc.com or through various telephone lines depending on their location. An Internet replay of the call will also be available shortly after.

Mayville Engineering Company (NYSE: MEC) has announced the opening of a new manufacturing facility in Hazel Park, Michigan. This initiative aims to enhance production capacity in response to a new strategic customer relationship. The facility will span approximately 450,000 square feet, with plans to hire up to 390 employees and invest $35 million to $45 million in capital. MEC has signed a ten-year lease and has received a $2.5 million incentive from the State of Michigan. Production is set to begin early next year, boosting both local employment and capacity.

Mayville Engineering Company (NYSE: MEC) is expanding its manufacturing capacity in Michigan to cater to a new strategic customer relationship. The expansion comprises several sites in the Greater Detroit area, each with around 250,000 square feet of manufacturing space, and aims to hire up to 390 employees. The project will receive a $2.5 million incentive from the State of Michigan. The initiative aligns with the company's long-term plans and aims to strengthen the local workforce and economic opportunities.

Mayville Engineering Company (NYSE: MEC) reported its first quarter 2021 results, achieving net sales of $112.6 million and net income of $2.5 million. The Company announced a new strategic customer relationship and an incentive agreement with the State of Michigan to expand manufacturing capacity. Adjusted EBITDA was $13.0 million, with increased manufacturing margins driven by sales volume growth. The Company amended its credit agreement, allowing up to $70 million in capital expenditures for 2021. The 2021 financial outlook suggests net sales between $450 million and $470 million.

Mayville Engineering Company, or MEC, will release its financial results for the first quarter of 2021 after market close on May 4, 2021. A conference call will be hosted on May 5, 2021, at 9:00 a.m. Central Time by Chairman Robert Kamphuis and CFO Todd Butz. Investors can access the call via an Internet webcast on MEC's website or by telephone. MEC, founded in 1945, offers various manufacturing services across multiple sectors, including commercial vehicles, construction, and military, from its 19 facilities in seven states.

Mayville Engineering Company (NYSE: MEC) has announced a long-term agreement with a prominent U.S. fitness company to produce key components for fitness equipment. This partnership positions MEC to potentially become a top 10 revenue customer by 2022. The company plans to invest $35-$45 million in 2021, focusing on automation and technology, while beginning production ramp-up in early 2022. The press release highlights MEC's unique capabilities and dependability, though it also cautions about potential risks affecting future performance.