secwatch.observer — SEC 8-K summary
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Issuer:     Mayville Engineering Company, Inc. (MEC)
CIK:        0001766368
Form:       8-K
Filed at:   2024-11-05T23:59:59+00:00
Accession:  0001558370-24-014440
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1766368/000155837024014440/0001558370-24-014440-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1766368/000155837024014440/tmb-20241105x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-014440

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