MEC Q3 net sales down 14.4% to $135.4M; cuts FY2024 guidance

Mayville Engineering Company, Inc.

2024-Q3 EPS reported $0.48 revenue$460,298,000

Q3 net income $3.0M ($0.14 diluted EPS); adjusted EPS $0.21 flat YoY.
Net sales decline driven by customer de-stocking across all end-markets; agriculture down 31.1%, military down 36.4%.
Guidance cut: FY2024 net sales midpoint $585M (from $630M), Adj. EBITDA midpoint $64.5M (from $74M).
Announced Wautoma, WI plant closure and 12% workforce reduction; expects $1-3M annualized cost savings.
Received $25.5M gross settlement from former fitness customer lawsuit; to use proceeds for debt paydown and share repurchases.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.