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Jun 30, 2023
MEC Q2 2023 Earnings Report
MEC's second quarter results reflected stable sales and improved EBITDA margin.
Key Takeaways
Mayville Engineering Company reported a slight increase in net sales and a decrease in net income for the second quarter of 2023. The company's Adjusted EBITDA was $15.3 million, with an Adjusted EBITDA margin of 11.0%. The company is increasing its full-year 2023 guidance, including partial-year contributions from the MSA acquisition.
Net sales increased by 0.5% year-over-year to $139.0 million.
Net income decreased to $1.6 million, or $0.08 per diluted share.
Adjusted EBITDA was $15.3 million, with an 11.0% margin.
Full-year 2023 guidance was increased to reflect the MSA acquisition.
MEC
MEC
MEC Revenue by Segment
Revenue by Segment
Commercial Vehicle Revenue
CapyFin.comConstruction & Access Revenue
CapyFin.comPowersports Revenue
CapyFin.comAgriculture Revenue
CapyFin.comMilitary Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The Company increased financial guidance for the full year 2023, anticipating growth in powersports and military end-markets, partially offset by softer demand in commercial vehicle and construction markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income