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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 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.
Mayville Engineering Company (NYSE: MEC) reported its Q4 2020 results with net sales of $95.3 million, a decrease from $102.3 million in Q4 2019, primarily due to pandemic-related manufacturing volume reductions. Net income stood at $1.0 million, with Adjusted EBITDA at $9.3 million (9.8% of net sales). The company reduced total funded debt to $47.9 million, achieving a leverage ratio of 1.5x. Despite challenges, MEC is optimistic for 2021, focusing on cost optimization and aiming for 15% Adjusted EBITDA margins as market conditions stabilize.
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