Mayville Engineering Q4 net sales $121.3M, Adj EBITDA $9.2M; FY2025 guidance muted

Mayville Engineering Company, Inc.

Q4 net sales $121.3M (-18.4% YoY); net income $16.0M ($0.76 diluted EPS) includes $25.5M settlement gain.
Full-year 2024 net sales $581.6M (-1.2% YoY); Adjusted EBITDA $64.4M (11.1% margin).
FY2025 guidance: net sales $560-590M, Adj EBITDA $60-66M, FCF $43-50M; H1 demand expected weak.
End-market declines: construction -34.5%, agriculture -46.5%, powersports -29.1%, commercial vehicle -10.5% YoY.
Net debt-to-EBITDA 1.3x; repaid $31.8M debt in Q4; repurchased ~$4M stock under $25M authorization.

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