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Sep 30, 2021
MEC Q3 2021 Earnings Report
Announced results for the third quarter ended September 30, 2021.
Key Takeaways
Mayville Engineering Company reported net sales of $109.0 million and net income of $0.3 million for the third quarter of 2021. The company generated Adjusted EBITDA of $10.0 million and is modifying its 2021 financial outlook back to original projections based on short-term volume changes.
Produced net sales of $109.0 million.
Recorded net income of $0.3 million.
Generated Adjusted EBITDA of $10.0 million.
Expanding investment in new Hazel Park, MI facility; Initial phase remains on track to open in 1H22, second phase planned for 2H22.
MEC
MEC
Forward Guidance
The Company is modifying its 2021 financial outlook back to its original projections. Net sales are expected to be between $450 million to $470 million. Adjusted EBITDA is expected to be between $46 million and $52 million, net of the launch costs associated with the new customer relationship of $3.7 million to $4.3 million.
Positive Outlook
- End markets remain stable
- Supply chain constraints do not dramatically worsen
- Business activity as a whole continues to trend positively
- Constant contact with customers
- Working diligently to help customers address their supply chain challenges and meet the strong demand for their products
Challenges Ahead
- Recent labor challenges
- Customer supply chain constraints
- Impacted volumes in the near-term
- Overall economic climate
- Industry trends