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Mayville Engineering Company, Inc. (NYSE:MEC), a manufacturing company currently valued at $250 million, held its annual shareholder meeting on Tuesday. The meeting came at a challenging time for the company, with its stock trading near its 52-week low of $11.72 and down over 40% in the past six months. According to InvestingPro analysis, the stock appears undervalued at current levels, trading at an attractive P/E ratio of 9.7. Shareholders cast their votes on several key proposals, including the election of board members and the ratification of the company’s independent auditor.
During the meeting, shareholders re-elected Jagadeesh (Jag) A. Reddy and Jay O. Rothman to the company’s Board of Directors for a three-year term expiring at the 2028 annual meeting. Reddy received approximately 93.91% of the votes in favor, while Rothman secured about 53.11%.
Additionally, the appointment of Deloitte & Touche LLP as Mayville Engineering’s independent registered public accounting firm for the year 2025 was ratified with a significant majority of 97.79% votes in favor.
Shareholders also approved the compensation of the company’s named executive officers, with 96.41% voting in support. Furthermore, the frequency of future advisory votes on executive compensation was set to occur annually, with a commanding 93.77% of votes preferring the yearly timeframe.
The voting results reflect the opinions of the shareholders as of the record date, February 21, 2025. The total number of shares eligible to vote was 20,419,823, with approximately 93% of these shares represented at the meeting either in person or by proxy.
In line with the advisory vote’s outcome, the Board of Directors has decided to hold an advisory vote on executive compensation every year until the next required vote on the frequency of such advisory votes, which is scheduled for the 2031 annual meeting.
This information is based on a press release statement filed with the SEC and provides a summary of the most recent corporate governance decisions by Mayville Engineering’s shareholders. The company is scheduled to report its next earnings on May 6, 2025. Investors seeking deeper insights into MEC’s financial health and growth prospects can access comprehensive analysis through InvestingPro, which offers additional ProTips and detailed metrics as part of its extensive coverage of over 1,400 US stocks.
In other recent news, Mayville Engineering Company (MEC) reported its financial results for the fourth quarter of 2024. The company recorded an earnings per share (EPS) of -$0.07, slightly surpassing the forecast of -$0.08. Despite this earnings beat, revenue fell short of expectations, coming in at $121.3 million compared to the anticipated $124.27 million. This marked an 18.4% year-over-year decline in revenue for the quarter. Looking ahead, MEC projects net sales for 2025 to be between $560 million and $590 million, with adjusted EBITDA expected to range from $60 million to $66 million. The company remains optimistic about a demand recovery in the latter half of 2025. Additionally, MEC continues to focus on cost reductions and efficiency improvements as part of its strategy to navigate challenging market conditions. Analyst firm William Blair engaged with the company during the earnings call, discussing the potential impacts of tariffs and the company’s ongoing M&A strategy.
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