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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
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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