MEC Q3 net sales $158.2M (+16.1%); adj. EPS $0.21; reaffirms FY23 guidance

Mayville Engineering Company, Inc.

2023-Q3 EPS reported $0.27 revenue$439,843,000

Net sales $158.2M (+16.1% YoY, organic +6.2%); net income $1.4M ($0.07 diluted EPS); adjusted diluted EPS $0.21.
Adjusted EBITDA $19.2M (12.1% margin); excludes $1.7M Hazel Park ramp loss; record free cash flow $16.1M.
Reaffirmed FY23 guidance: net sales $580-610M, Adj. EBITDA $66-71M, capex $15-20M; includes MSA contribution.
Repaid $17.1M of MSA acquisition debt; net debt leverage 2.46x; repurchased $1.0M of stock in Q3.
UAW strike estimated to reduce Nov. sales by $6-7M and EBITDA by $1-2M per month; included in guidance.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Mayville Engineering Company, Inc. reported the three months ended September 30, 2023 results: revenue $158.2 million, net income $1.4 million, EPS $0.07 per diluted share. Guidance initiated.

Period: the three months ended September 30, 2023
Revenue: $158.2 million
Net income: $1.4 million
EPS: $0.07 per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

THIRD QUARTER 2023 RESULTS (All comparisons versus the prior-year period) ● Net sales of $158.2 million, or +16.1% y/y including organic growth of 6.2% y/y ● Net income of $1.4 million, or $0.07 per diluted share

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Mayville Engineering Company, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-017127

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