Mayville Engineering narrows 2021 guidance, provides 2022 outlook with fitness customer delay

Mayville Engineering Company, Inc.

2021 net sales narrowed to $450-$455M; adjusted EBITDA $46-$47M (low end of prior range).
Preliminary 2022 guidance: net sales $480-$530M, adjusted EBITDA $58-$70M, assumes no revenue from new fitness customer.
New fitness customer will not be a top-10 customer in 2022; production delay; reducing costs at Hazel Park facility.
2021 end-market mix: Commercial Vehicle 34%, Construction 20%, Power Sports 20%, Agriculture 11%, Military 5%.
New business wins with existing and new customers, including takeover business and reshoring trends.

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