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Jun 30, 2022
MEC Q2 2022 Earnings Report
MEC's second quarter results were announced, with significant bottom-line growth and reiterated 2022 guidance.
Key Takeaways
Mayville Engineering Company reported a 15% increase in net sales, reaching $138.3 million, and an 80% increase in net income to $5.9 million. The company delivered adjusted EBITDA of $18.2 million, up from $14.0 million in the prior year period. MEC reiterated its 2022 financial outlook.
Net sales grew approximately 15% to $138.3 million.
Net income increased 80% to $5.9 million.
Basic earnings per share increased $0.13 to $0.29 as compared to prior year period.
Adjusted EBITDA of $18.2 million, up from $14.0 million for the same prior year period.
MEC
MEC
Forward Guidance
The Company is reiterating its 2022 financial outlook and continues to expect net sales of between $480 million and $530 million, and adjusted EBITDA between $58 million and $70 million. The Company continues to expect capital expenditures for 2022 to be between $55 and $65 million.
Positive Outlook
- Demand outlook remains positive through the end of the year
- Expanding relationships with current customers
- Exploring opportunities with new customers
- Volumes will continue to steadily improve as we move through the second half of 2022
- Supply chain issues constraining our customers start to subside