MEC reports Q2 net sales up 17.7% to $163.6M, raises FY free cash flow guidance to $45-55M

Mayville Engineering Company, Inc.

2024-Q2 EPS reported $0.34 revenue$324,905,000

Net income $3.8M ($0.18 diluted EPS); adjusted EPS $0.26 vs $0.20 prior year.
Adjusted EBITDA $19.6M (12.0% margin), up 28.4% YoY; manufacturing margin improved to 13.6%.
Free cash flow $19.2M in Q2 vs ($3.7M) prior year; FY FCF guidance raised to $45-55M from $35-45M.
Repaid $17.8M of acquisition-related debt; net leverage below 1.7x, triggering 30 bps rate reduction.
Commercial vehicle sales +10.8%, powersports +26.3%; military sales -26.2% on aftermarket program roll-off.

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