NYSE$MEC
Mayville Engineering Company Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
MEC's financial performance improved driven by strategic execution and market share gains.
Mayville Engineering Company announced strong second-quarter results with a 17.7% increase in net sales, reaching $163.6 million, and a 28.4% increase in Adjusted EBITDA to $19.6 million. The company's performance was driven by strong project volumes in key markets, offsetting softness in the military sector. MEC also increased its full-year free cash flow guidance.
- Net sales increased by 17.7% to $163.6 million, driven by organic growth and the acquisition of Mid-States Aluminum (MSA).
- Adjusted EBITDA increased by 28.4% to $19.6 million, with an Adjusted EBITDA margin of 12.0%.
- Free cash flow increased significantly to $19.2 million due to improved working capital efficiency.
- The company is increasing its full-year 2024 free cash flow guidance to a range of $45 million to $55 million.
Headline financials
Revenue & EPS history
MEC · Revenue · Quarterly
$164M
Revenue by segment
MEC · $132M total across 6 segments · Q2 2025
- Commercial Vehicle$49.1M—37.1%
- Other$25.8M—19.5%
- Construction & Access$20.2M—15.2%
- Powersports$19.6M—14.8%
- Agriculture$9.23M—7.0%
- Military$8.34M—6.3%
Forward guidance
The Company reaffirmed its financial guidance for Net Sales and Adjusted EBITDA for the full year 2024 but increased its guidance for full year Free Cash Flow.
Tailwinds
- Continued 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.
- Strong cash flow generation in the first and second quarters of 2024 due to improved working capital utilization.
- Capital expenditures for the full year 2024 will be between $15 and $20 million.
Headwinds
- Expected softening in commercial vehicle end market demand in the second half of the year as the result of various macroeconomic factors.
- Expected softening in powersports end market demand in the second half of the year as the result of various macroeconomic factors.
- Expected softening in agriculture end market demand in the second half of the year as the result of various macroeconomic factors.
- Macroeconomic conditions, including inflation and elevated interest rates, may negatively impact the business.
- Continuing supply chain constraints affecting some of our customers may negatively impact the business.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 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 |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| 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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