Business
Mayville Engineering Company Announces First Quarter 2025 Results
MILWAUKEE, May 06, 2025--Mayville Engineering Company (NYSE: MEC) (the "Company" or "MEC"), a leading value-added provider of design, prototyping and manufacturing solutions serving diverse end markets, today announced results for the three-months ended March 31, 2025.
About this update from Mayville Engineering Company, Inc.
[{"type":"text","content":"MILWAUKEE, May 06, 2025--(BUSINESS WIRE)--Mayville Engineering Company (NYSE: MEC) (the "Company" or "MEC"), a leading value-added provider of design, prototyping and manufacturing solutions serving diverse end markets, today announced results for the three-months ended March 31, 2025.","length":306,"tagName":"p"},{"type":"text","content":"FIRST QUARTER 2025 RESULTS(All comparisons versus the prior-year period)","length":73,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net sales of $135.6 million","length":27,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"GAAP Net income of $20 thousand and Non-GAAP Adjusted Net Income of $1.0 million","length":80,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Non-GAAP Adjusted Diluted EPS of $0.04","length":38,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EBITDA of $12.2 million","length":32,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EBITDA margin of 9.0%","length":30,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Free Cash Flow of $5.4 million","length":30,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Ratio of net debt to trailing twelve-month Adjusted EBITDA of 1.4x as of March 31, 2025","length":87,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":324,"olType":false},{"type":"text","content":"MANAGEMENT COMMENTARY","length":21,"tagName":"p"},{"type":"text","content":""Our strong first quarter results were driven by the team’s execution and operational discipline. We delivered 12% sequential sales growth, margin expansion and positive free cash flow, despite softer customer demand amid continued inventory de-stocking," stated Jag Reddy, President and Chief Executive Officer. "Our focus and commitment to continuous improvement and cost discipline contributed to 140 basis-points in Adjusted EBITDA margin improvement sequentially and positions us to realize increased operating leverage as customer demand improves."","length":574,"tagName":"p"},{"type":"text","content":""While near-term economic conditions remain uncertain, we believe that MEC is well positioned to benefit from evolving U.S. trade policy and the continued acceleration of onshoring of manufacturing," said R...