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Mar 31, 2022
MEC Q1 2022 Earnings Report
MEC's first quarter results for 2022 were announced, demonstrating year-over-year growth in net sales, net income and adjusted EBITDA.
Key Takeaways
Mayville Engineering Company reported a 21% increase in net sales, reaching $136.3 million, and a 50% increase in net income to $3.8 million. Adjusted EBITDA also increased to $14.8 million. The company is reiterating its 2022 financial outlook.
Net sales increased approximately 21% to $136.3 million as compared to prior year period
Recorded net income of $3.8 million, a 50% increase over the prior year period
Basic earnings per share increased $0.06 to $0.19 as compared to prior year period
Delivered Adjusted EBITDA of $14.8 million, up from $13.0 million for the same prior year period
MEC
MEC
Forward Guidance
The Company is reiterating its 2022 financial outlook provided earlier this year and continues to expect net sales of between $480 million and $530 million and Adjusted EBITDA between $58 million and $70 million.
Positive Outlook
- Demand dynamics remain robust.
- Volumes will gradually improve as we move through the second half of 2022.
- Customers’ supply chain challenges start to improve.
- Continue to expand existing relationships.
- Convert new business opportunities as companies look to avail themselves of our market leading operational expertise and unparalleled flexible production capabilities.
Challenges Ahead
- Pandemic disruptions persist.
- Supply chain disruptions persist.
- This outlook assumes no revenues associated with the fitness customer.
- Ongoing macroeconomic headwinds.
- Ongoing supply chain constraints that are impacting many of our customers.