Mayville Engineering Q2 net sales up 15% to $138.3M, net income +80% to $5.9M; reiterates FY2022 guidance

Mayville Engineering Company, Inc.

2022-Q2 EPS reported $0.47 revenue$274,589,000

Net sales $138.3M (+15% YoY), net income $5.9M (+80%), EPS $0.29 vs $0.16.
Adjusted EBITDA $18.2M vs $14.0M in prior year period.
Jag Reddy appointed President and CEO, Timothy Christen named non-executive Chair effective July 19.
Company reiterates FY2022 outlook: net sales $480M-$530M, Adj. EBITDA $58M-$70M.
Successfully subleased ~one-third of Hazel Park facility.

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