secwatch.observer — SEC 8-K summary
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Issuer:     Mayville Engineering Company, Inc. (MEC)
CIK:        0001766368
Form:       8-K
Filed at:   2023-08-01T23:59:59+00:00
Accession:  0001558370-23-012744
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Mayville Engineering Q2 net income drops 73% to $1.6M; raises FY 2023 guidance
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- Net sales $139.0M (+0.5% y/y); net income $1.6M ($0.08 diluted EPS) vs $5.9M ($0.29) prior year.
- Adjusted EBITDA $15.3M (11.0% margin), including $1.4M loss from Hazel Park ramp-up; prior year $18.2M (13.1%).
- Raises FY 2023 guidance: net sales $580-610M, Adjusted EBITDA $66-71M; expects H2 margin expansion.
- Closed acquisition of Mid-States Aluminum for $96M on July 1; anticipates $30-35M sales, $4-6M EBITDA contribution in H2.
- Net debt $89.7M, net leverage 1.61x; free cash flow guidance $25-35M for remainder of 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1766368/000155837023012744/0001558370-23-012744-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1766368/000155837023012744/tmb-20230801x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-012744

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