NYSE$MEC
Mayville Engineering Company Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
MEC demonstrated solid execution on strategic priorities, culminating in a strong start to the year.
Mayville Engineering Company reported a strong start to 2024 with double-digit sales growth, margin expansion, improved profitability, and robust free cash flow. Net sales increased by 13.1% year-over-year to $161.3 million, and adjusted EBITDA increased by 33.8% to $18.5 million. The company is on track to achieve its full-year 2024 financial guidance.
- Net sales increased by 13.1% year-over-year, reaching $161.3 million.
- Net income increased by 26% year-over-year to $3.2 million, or $0.16 per diluted share.
- Adjusted EBITDA increased by 33.8% year-over-year to $18.5 million, with an adjusted EBITDA margin of 11.5%.
- Free cash flow was $7.9 million, an increase of $16.4 million year-over-year.
Headline financials
Revenue & EPS history
MEC · Revenue · Quarterly
$161M
Revenue by segment
MEC · $158M total across 6 segments · Q3 2023
- Commercial Vehicle$57.3M—36.2%
- Construction & Access$26.3M—16.6%
- Powersports$25.1M—15.9%
- Other$23.5M—14.9%
- Agriculture$15M—9.5%
- Military$11M—6.9%
Forward guidance
The Company reaffirmed its financial guidance for the full year 2024. The company expects softening in end market demand as the result of various macroeconomic factors, which the Company expects will be offset by the continued ramp-up of new project work with both new and existing customers.
Tailwinds
- Ramp-up of new project work with both new and existing customers
- Incremental contribution from the MSA acquisition
- Incremental contributions from MBX and commercial pricing related initiatives
- Improved working capital utilization relative to 2023
- Capital expenditures of between $15 and $20 million
Headwinds
- Expected softening in end market demand as the result of various macroeconomic factors
- Inflation
- Elevated interest rates
- Recessionary concerns
- Continuing supply chain constraints
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-1.3%
Avg return
Earnings day
+3.1%
Avg return
5 days after
+5.6%
Avg return
30 days after
39%
11 / 28 earnings
Positive
+17.6%
Q3 2022
Best reaction
-37.7%
Q3 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.6% | +19.6% | +45.9% | |
| Q4 2025 | -1.8% | -10.8% | -13.7% | |
| Q3 2025 | -10.4% | -6.3% | -8.3% | |
| Q1 2025 | -3.8% | +11.7% | +13.7% | |
| Q4 2024 | -0.1% | +8.2% | -8.8% | |
| Q3 2024 | -16.3% | -18.1% | -19.7% | |
| Q2 2024 | +10.9% | +13.0% | +11.3% | |
| Q1 2024 | +7.4% | +16.2% | +16.1% | |
| Q4 2023 | +6.8% | +3.6% | +6.9% | |
| Q3 2023 | +3.6% | +6.9% | +11.9% | |
| Q2 2023 | -7.9% | +0.2% | -2.9% | |
| Q1 2023 | -5.9% | -17.5% | -2.3% | |
| Q4 2022 | -4.0% | -4.7% | -8.4% | |
| Q3 2022 | +17.6% | +45.1% | +99.2% | |
| Q2 2022 | -0.8% | -3.4% | -3.9% | |
| Q1 2022 | +8.2% | -1.2% | +9.6% | |
| Q4 2021 | -5.7% | -2.0% | -9.4% | |
| Q3 2021 | -4.8% | -4.8% | -18.8% | |
| Q2 2021 | -2.4% | -1.3% | -16.8% | |
| Q1 2021 | -5.7% | +8.2% | +18.6% | |
| Q4 2020 | +1.4% | +6.3% | +3.2% | |
| Q3 2020 | +14.3% | +15.6% | +24.6% | |
| Q2 2020 | -1.5% | +6.4% | +14.0% | |
| Q1 2020 | +8.3% | +30.4% | +34.5% | |
| Q4 2019 | -6.2% | +2.0% | -15.4% | |
| Q3 2019 | -37.7% | -19.9% | -26.8% | |
| Q2 2019 | -5.8% | -11.3% | +1.9% | |
| Q1 2019 | +3.3% | -5.7% | +0.4% | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — |
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