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Sep 30, 2023
MEC Q3 2023 Earnings Report
MEC demonstrated revenue growth, improved profitability, and strong free cash flow generation.
Key Takeaways
Mayville Engineering Company (MEC) reported strong third-quarter results, with a 16.1% increase in net sales to $158.2 million, driven by organic growth and the acquisition of Mid-States Aluminum. Adjusted EBITDA rose to $19.2 million, and the company generated a record quarterly free cash flow of $16.1 million. The company reaffirmed its full-year 2023 financial guidance.
Net sales increased by 16.1% year-over-year, driven by organic growth and the MSA acquisition.
Adjusted EBITDA increased to $19.2 million, with a margin of 12.1%.
Record quarterly Free Cash Flow of $16.1 million was achieved.
The company reaffirmed its full-year 2023 financial guidance.
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 reaffirmed its financial guidance for the full year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income