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Jun 30, 2021
MEC Q2 2021 Earnings Report
MEC's financial performance was driven by robust demand across end markets.
Key Takeaways
Mayville Engineering Company (MEC) announced strong second-quarter results, driven by ongoing demand across end markets. The company reported net sales of $120.2 million and net income of $3.3 million, with adjusted EBITDA reaching $14.0 million.
Net sales reached $120.2 million, a significant increase compared to the prior year period.
Net income was reported at $3.3 million for the quarter.
Adjusted EBITDA amounted to $14.0 million.
The company is progressing with a new 450,000 sq. ft. facility in Hazel Park, MI, slated for production in early 2022.
MEC
MEC
Forward Guidance
The Company confirms its 2021 financial outlook, and slightly increasing its revenue range based on the impact of increased material price pass throughs.
Positive Outlook
- Well positioned to sustain our momentum
- Confident in our ability to meet our current guidance
- Assuming the economy remains relatively consistent
- Assuming supply chain issues do not deteriorate significantly
- Focused on working with our customers as they strive to meet burgeoning demand for their products and work around shortages
Challenges Ahead
- Finding quality employees continue to be challenges in 2021
- Inflationary pressures continue to be challenges in 2021
- Supply chain constraint factors continue to be challenges in 2021
- The negative impacts the coronavirus (COVID-19) has had and will continue to have on our business
- Actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors.