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Mar 31, 2021
MEC Q1 2021 Earnings Report
MEC's first quarter performance was driven by favorable economic conditions, end market demand, and cost optimization.
Key Takeaways
Mayville Engineering Company reported strong first-quarter results, driven by improving economic conditions and end-market demand, along with cost-optimizing initiatives. Net sales increased to $112.6 million, and the company generated an adjusted EBITDA of $13.0 million.
Net sales reached $112.6 million.
Net income was $2.5 million.
Adjusted EBITDA totaled $13.0 million.
The company announced a new long-term strategic customer relationship.
MEC
MEC
Forward Guidance
The Company is now providing its 2021 financial outlook as follows: Net sales are expected to be between $450 million to $470 million. Adjusted EBITDA is expected to be between $46 million and $52 million net of the launch costs of between $3.5 million to $5.1 million associated with the new customer relationship.
Positive Outlook
- Generally positive economic outlook.
- Improving manufacturing volumes.
- End markets are expected to remain stable.
- End markets are expected to continue to trend positively in the near-term.
- Laser focused on delivering improved full year 2021 results while pursuing growth opportunities.
Challenges Ahead
- Pandemic-related challenges.
- Supply disruptions.
- Rising raw material costs.
- Inflationary pressure.
- Impact on customer base.