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MILWAUKEE - Mayville Engineering Company (NYSE: NYSE:MEC) reported fourth quarter 2024 results that showed declining revenue and earnings compared to the prior year, while also issuing 2025 guidance below analyst expectations.
The manufacturing solutions provider posted Q4 revenue of $121.3 million, down 18.4% YoY and below the $124.27 million analyst consensus. Adjusted earnings per share came in at -$0.07, slightly better than estimates of -$0.08.
For the full year 2024, Mayville reported net sales of $581.6 million, a 1.2% decrease from 2023. Adjusted EBITDA was $64.4 million with an 11.1% margin.
Looking ahead, the company forecasts 2025 revenue between $560-590 million, below the $604.1 million analyst consensus. Adjusted EBITDA is expected in the range of $60-66 million.
"During a period of softer demand within our core vertical markets, our team maintained focused execution throughout the year as we delivered stable margins, consistent profitability, disciplined net working capital management, and significant year-over-year growth in free cash flow generation," said CEO Jag Reddy.
Mayville noted it expects muted demand conditions to persist in the first half of 2025, with gradual improvement anticipated in the second half of the year. The company ended 2024 with a net debt to adjusted EBITDA ratio of 1.3x.
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