MEC Q1 net sales $142.6M (+4.7%); adj EBITDA $13.8M, guided FY 2023 $540-580M sales

Mayville Engineering Company, Inc.

2023-Q1 EPS reported $0.12 revenue$142,645,000

Net income $2.6M ($0.12 diluted EPS) vs $3.8M ($0.19) y/y; Hazel Park ramp cost $0.10/share.
Adjusted EBITDA $13.8M (9.7% margin) down 6.3% y/y; ex-Hazel Park +5.6% y/y with 10.9% margin.
Commercial Vehicle sales +16.3% y/y; Military +65.7% on new programs and Ukraine conflict.
Full-year 2023 guidance reiterated: net sales $540-580M, adj EBITDA $62-71M, capex $20-25M.
Net debt/ttm adj EBITDA 1.4x; $196.3M total availability under credit facility.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Mayville Engineering Company, Inc. reported first quarter ended March 31, 2023 results: revenue $142.6 million, net income $2.6 million, EPS $0.12 per diluted share. Guidance reaffirmed.

Period: first quarter ended March 31, 2023
Revenue: $142.6 million
Net income: $2.6 million
EPS: $0.12 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

FIRST QUARTER 2023 RESULTS (All comparisons versus the prior-year period) ● Net sales of $142.6 million, or +4.7% y/y ● Net income of $2.6 million, ($1.3) million y/y ● Diluted EPS of $0.12, including a ($0.10) per share impact from the Hazel Park facility ramp

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Mayville Engineering Company, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-007662

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