Financial Performance - Net sales for Q1 2025 were $135.6 million, a decrease of 15.9% year-over-year due to lower customer demand and inventory de-stocking[5]. - Adjusted EBITDA was $12.2 million, representing 9.0% of net sales, down from $18.5 million or 11.5% in the prior year[9]. - Free cash flow generated in Q1 2025 was $5.4 million, compared to $7.9 million in the prior year, reflecting a decrease in net cash from operating activities[11]. - Net sales for Q1 2025 were $135,579, a decrease of 16% compared to $161,269 in Q1 2024[38]. - EBITDA for Q1 2025 was $11,060, down 34.5% from $16,885 in Q1 2024, resulting in an EBITDA margin of 8.2%[42]. - Adjusted EBITDA for Q1 2025 was $12,161, a decline of 34.5% from $18,521 in Q1 2024, with an adjusted EBITDA margin of 9.0%[42]. - Net income for Q1 2025 was $20, significantly lower than $3,241 in Q1 2024, leading to diluted EPS of $0.00 compared to $0.16[38][44]. - Free cash flow for Q1 2025 was $5,371, down from $7,850 in Q1 2024[46]. Market Performance - The military end market saw a 6.7% increase in net sales to $8.5 million, driven by higher service and after-market demand[22]. - The commercial vehicle market reported net sales of $50.9 million, a decrease of 13.7% year-over-year, while overall demand fell by 16.7%[14]. Guidance and Future Outlook - The company maintained its full-year 2025 guidance with net sales forecasted between $560 million and $590 million[25]. - The company aims to secure $100 million in new project awards in 2025, supported by strong engagement from customers[2]. Balance Sheet and Cash Flow - Total current assets increased to $122,011 as of March 31, 2025, compared to $112,944 at December 31, 2024[36]. - Total liabilities rose to $197,745 as of March 31, 2025, compared to $193,817 at December 31, 2024[36]. - Cash and cash equivalents decreased to $183 at the end of Q1 2025 from $206 at the end of Q4 2024[36]. - Accounts payable increased to $49,749 as of March 31, 2025, compared to $39,119 at December 31, 2024[36]. - The company reported a net cash provided by operating activities of $8,333 for Q1 2025, down from $10,625 in Q1 2024[40]. Shareholder Actions - The company repurchased $1.7 million of common stock during the first quarter, with $17.4 million remaining under the share repurchase program[4]. - The ratio of net debt to trailing twelve-month Adjusted EBITDA was 1.4x as of March 31, 2025[24]. Manufacturing Performance - Manufacturing margin was $15.3 million, or 11.3% of net sales, down from $20.9 million or 13.0% in the prior year[6].

Economic Conditions and Market Impact - In 2024, the company faced negative impacts from customers implementing inventory de-stocking activities, leading to reduced cash flows and operating results[66]. - The company is affected by macroeconomic conditions, including inflation and elevated interest rates, which have negatively impacted results[66]. - The company anticipates that future sales will depend on the success of its customers, with potential adverse effects if economic conditions deteriorate[72]. - The company expects material cost inflation and inflationary pressures on wages and benefits to continue in 2025, which may not be fully mitigated through price increases[67]. - Geopolitical events and trade regulations could disrupt operations and affect the availability of raw materials, negatively impacting sales and profitability[97][98]. - Climate change risks and related regulations could impose additional costs and affect operations, potentially harming financial condition[100][102]. Customer and Supplier Dependence - The largest customers in 2024 included PACCAR Inc. and John Deere, accounting for 16.8% and 11.3% of net sales, respectively[82]. - The company relies on a limited number of major manufacturers for a majority of net sales, making it vulnerable to the loss of these customers[82]. - The company is dependent on a limited number of large customers, and any loss of these customers could materially affect financial performance[82]. - The company is vulnerable to supply shortages due to reliance on third-party suppliers, which could adversely affect financial condition and cash flows[88]. Operational Challenges - The company may face challenges in maintaining manufacturing and technological expertise due to changing technology and evolving process development[81]. - The prices and availability of raw materials are subject to volatility, which could adversely affect results of operations if costs cannot be passed to customers[87]. - The company may experience difficulties in recruiting and retaining qualified employees, impacting its ability to meet customer needs and grow[86]. - Disruptions from technical problems or natural disasters could lead to production delays and increased expenses, impacting financial results[96]. Financial Performance and Results - Net sales for the twelve months ended December 31, 2024, were $581,604, a decrease of 1.4% compared to $588,425 in 2023[252]. - Net income for the same period was $25,968, significantly up from $7,844 in 2023, representing a 231.5% increase[252]. - Earnings per share (EPS) increased to $1.26 for basic shares, compared to $0.38 in 2023, marking a 226.3% rise[252]. - Cash flows from operating activities were $89,807, up from $40,363 in 2023, indicating a 122.2% increase[255]. - The company reported a gain on lawsuit settlement of $25,500, which impacted income before taxes positively[252]. Debt and Financial Management - As of December 31, 2024, the company had $79.7 million outstanding under its revolving credit facility, with the potential to incur significant additional indebtedness for growth strategies[119]. - The company is subject to risks related to its indebtedness, including restrictions on business and financial transactions due to covenants in its credit agreement[117]. - The company entered into an amended and restated credit agreement on June 28, 2023, providing for a $250 million revolving credit facility, maturing on June 28, 2028[116]. - The company incurred interest expense of $10,989, slightly down from $11,092 in 2023[252]. - A hypothetical 100-basis-point increase in borrowing rates would result in an additional $1.1 million of interest expense based on variable rate debt as of December 31, 2024[223]. Internal Controls and Governance - The company has a material weakness in its internal control over financial reporting, which could adversely affect investor confidence and the value of its common stock[111]. - The company is in the process of remediating its material weakness in internal controls, but cannot guarantee that all deficiencies have been identified or that future weaknesses will not occur[112]. - The company’s articles of incorporation and bylaws contain provisions that may make it difficult for shareholders to effect a change in control, potentially depressing the trading price of its common stock[125]. - The company’s ESOP and 401(k) plan may have interests that differ from other investors, potentially affecting corporate governance and decision-making[121]. Acquisitions and Growth Strategy - The company plans to continue growth through acquisitions, but may face challenges in identifying suitable targets and integrating them successfully[90]. - Acquisitions involve risks such as management distraction, litigation, and potential regulatory approval delays, which could harm financial condition and results[91]. - The company completed the acquisition of Mid-States Aluminum (MSA) on July 1, 2023, for a purchase price of $95,945, with total net consideration paid amounting to $90,002[299]. - The acquisition of MSA is expected to provide significant new cross-selling opportunities with both new and existing customers in the lightweight materials fabrication sector[300]. Taxation and Employee Benefits - The current income tax expense for 2024 was $2,659 million, significantly higher than $191 million in 2023[340]. - Total income tax expense for 2024 was $7,596 million, compared to $1,039 million in 2023, indicating a substantial increase[340]. - The effective tax rate for 2024 was 22.6%, up from 11.7% in 2023[341]. - The employer match expense for the 401(k) Plan increased to $3,380 million in 2024 from $3,232 million in 2023, reflecting a growth of 4.6%[339]. - Healthcare costs incurred by the Company for self-funded medical benefits were $24.01 million, $20.29 million, and $17.15 million for the years ended December 31, 2024, 2023, and 2022, respectively[352].

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Financial Data and Key Metrics Changes - Total sales for Q4 2024 decreased by 18.4% year-over-year to $121.3 million, driven by customer destocking and weaker end-user demand [34][35] - Manufacturing margin for Q4 was $10.8 million, down from $18.2 million in the prior-year period, with a manufacturing margin rate of 8.9%, a decrease of 340 basis points [35][36] - Full-year 2024 net sales were $581.6 million, a decrease of 1.2% compared to the prior year, while adjusted EBITDA was $64.4 million, down from $66.1 million in 2023 [39][40] Business Line Data and Key Metrics Changes - Commercial vehicle revenue decreased by 10.5% year-over-year in Q4, reflecting a similar trend in the broader market [15] - Powersports market revenue decreased by 29.1% year-over-year in Q4, impacted by inventory destocking and soft consumer demand [17] - Construction and access revenues decreased by 34.5% year-over-year in Q4, with expectations of continued softness in demand [19] - Agricultural market revenue decreased by 46.5% year-over-year in Q4, with an uncertain outlook due to various economic factors [20] Market Data and Key Metrics Changes - North American Class 8 truck production decreased by 10.4% year-over-year, with forecasts predicting a further decline of 4.8% in 2025 [15][16] - The powersports market is expected to see a low single-digit decrease in 2025, with significant uncertainty due to high financing rates [43] - The agricultural market is anticipated to decline by low to mid-twenty percentiles in 2025 [43] Company Strategy and Development Direction - The company is focusing on diversifying into less cyclical, higher-value opportunities, particularly in industrial infrastructure and data center investments [8][24] - M&A remains a key part of the long-term strategy, targeting acquisitions in high-growth adjacent markets with revenues between $50 million and $150 million [29][76] - The company aims to maintain disciplined capital allocation, prioritizing debt repayment and opportunistic share repurchases [28][46] Management's Comments on Operating Environment and Future Outlook - Management anticipates ongoing softness in demand across most end markets in the first half of 2025, with a gradual recovery expected in the second half [7][13] - The company remains committed to achieving long-term targets set during the 2023 Investor Day, although the timeline may be extended due to current market conditions [31][84] - Management expressed confidence in the company's ability to generate strong free cash flow and improve operational efficiencies despite current challenges [27][30] Other Important Information - Free cash flow for 2024 was nearly $78 million, with organic free cash flow more than doubling compared to 2023 levels [9][40] - The company repurchased nearly $4 million worth of common stock in Q4, with a total of $5.9 million repurchased for the full year [10][11] Q&A Session Summary Question: Margin guidance for 2025 and MBX initiatives - Management indicated that $1 to $3 million of margin improvement is anticipated from MBX initiatives, with benefits expected to materialize more significantly in the second half of 2025 [49][51] Question: Exposure to potential tariffs - Management noted that only a small percentage of inputs are subject to tariffs, and costs are generally passed through to customers, minimizing impact [54][56] Question: Powersports market guidance - The powersports market is expected to decline by low single digits, with a potential 20-25% year-over-year decline anticipated [60] Question: M&A strategy and target valuations - The company is actively pursuing acquisitions in high-growth markets, with a focus on targets that are margin accretive and provide market diversification [76][78] Question: Path to achieving EBITDA margin targets - Management believes the 14% to 16% EBITDA margin targets are achievable, but the timeline may extend due to current market conditions [84][86] Question: Update on Hazel Park ramp-up - Management confirmed that expectations for Hazel Park remain unchanged, with new product launches on track despite current demand impacts [89]

Mayville Engineering Company, Inc. (NYSE:MEC) Q4 2024 Earnings Call March 5, 2025 10:00 AM ET Company Participants Stefan Neely - Investor Relations Jag Reddy - President and Chief Executive Officer Todd Butz - Chief Financial Officer Rachele Lehr - Chief Human Resources Officer Conference Call Participants Sam Karlov - William Blair Ted Jackson - Northland Capital Markets Operator Hello, and welcome everyone, to the Mayville Engineering Company Fourth Quarter 2024 Earnings conference call. My name is Becky ...

Financial Performance - Net sales for Q4 2024 were $121.3 million, a decrease of 18.4% year-over-year, primarily due to reduced customer demand and inventory de-stocking[5]. - Net income for Q4 2024 was $16.0 million, or $0.76 per diluted share, compared to $2.2 million, or $0.11 per diluted share, in the prior-year period, reflecting a $25.5 million gain from a lawsuit settlement[9]. - Adjusted EBITDA for Q4 2024 was $9.2 million, representing a margin of 7.6% of net sales, down from $17.7 million and 11.9% in the prior-year period[10]. - Free cash flow for Q4 2024 was $35.6 million, significantly up from $19.9 million in the prior year, largely due to the settlement agreement[12]. - For the twelve months ended December 31, 2024, net sales were $581.6 million, a decrease of 1.4% from $588.4 million in 2023[41]. - The company reported a net income of $25.968 million for the twelve months ended December 31, 2024, compared to $7.844 million in 2023, representing a significant increase[41]. - EBITDA for the twelve months ended December 31, 2024, was not explicitly stated but can be inferred from the net income and adjustments, indicating improved operational performance[36]. - Net income for Q4 2024 was $15,971,000, a significant increase from $2,227,000 in Q4 2023, representing a growth of 619%[45]. - EBITDA for Q4 2024 reached $32,507,000, compared to $14,936,000 in Q4 2023, marking an increase of 117%[45]. - Net sales for the twelve months ended December 31, 2024, were $581,604,000, slightly down from $588,425,000 in 2023, a decrease of 1.4%[45]. - Adjusted EBITDA margin for Q4 2024 was 7.6%, down from 11.9% in Q4 2023, indicating a decline of 36%[45]. - Free cash flow for Q4 2024 was $35,614,000, an increase of 79% from $19,883,000 in Q4 2023[49]. - Interest expense for the twelve months ended December 31, 2024, was $10,989,000, a slight decrease from $11,092,000 in 2023[45]. Market Performance - Sales to the commercial vehicle market were $47.2 million in Q4 2024, a decrease of 10.5% year-over-year, reflecting lower customer demand[15]. - Sales to the agriculture market fell by 46.5% year-over-year to $7.7 million, driven by reduced demand and inventory de-stocking[21]. - Sales to other end markets increased by 11% year-over-year to $24.6 million, attributed to growth in aluminum extrusion products and new customer projects[24]. - In 2024, the company secured over $100 million in new business wins, a 12% increase from the previous year, indicating growth in emerging markets[4]. Financial Health - The company repaid over $31 million in debt during Q4 2024, reducing net leverage to 1.3x[26]. - Total current assets decreased to $112.944 million as of December 31, 2024, down from $134.623 million in 2023, reflecting a reduction in cash and inventories[39]. - The company’s total liabilities decreased to $193.817 million as of December 31, 2024, compared to $266.683 million in 2023, indicating improved financial health[39]. - Cash and cash equivalents at the end of the period were $206,000, down from $672,000 at the end of 2023, highlighting liquidity challenges[43]. - The company’s operating cash flow for the twelve months ended December 31, 2024, was $89.807 million, significantly higher than $40.363 million in 2023, indicating stronger cash generation[43]. Legal and Restructuring - The company experienced a gain on lawsuit settlement of $25.5 million in the three months ended December 31, 2024, contributing to the increase in net income[41]. - The company reported a lawsuit settlement gain of $(25,500,000) in Q4 2024, impacting net income negatively[47]. - The company incurred $492,000 in Wautoma restructuring charges in Q4 2024, with no charges reported in Q4 2023[45]. Compensation and Taxation - Stock-based compensation expense for the twelve months ended December 31, 2024, was $5,186,000, up from $4,485,000 in 2023, an increase of 15.6%[45]. - The provision for income taxes for Q4 2024 was $5,064,000, compared to a benefit of $(432,000) in Q4 2023[45]. Operational Capabilities - The company has 23 manufacturing facilities, with 22 currently in use, supporting its diverse end markets and operational capabilities[34].

Industry Overview - The uranium ore market is projected to grow from $1.11 billion in 2023 to $1.21 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.5% [1] - By 2028, the market size is expected to reach $1.81 billion, with a CAGR of 10.5% [1] - Growth drivers include government policies, carbon emission reduction efforts, geopolitical stability, new uranium discoveries, and advancements in nuclear technology [1] Market Trends - Key trends include advancements in nuclear technology, development of in-situ recovery (ISR) technology, and increased scrutiny on environmental impacts [1] - Rising electricity consumption is a significant factor driving the uranium ore market, as uranium is the primary fuel for nuclear power plants [2] Company Developments - Mustang Energy Corp. has entered into an option agreement to acquire a 75% interest in Skyharbour's 914W Uranium Project, enhancing its presence in the Athabasca Basin [2][3] - The 914W Project is strategically located and shows promising geological indicators, with much of the area remaining underexplored [5][6] - Denison Mines Corp. reported progress on its Phoenix In-Situ Recovery uranium mining operation, achieving 45% completion of total engineering by the end of Q3 2024 [6] - Uranium Energy Corp. announced an initial economic assessment for its Roughrider Project, estimating a post-tax net present value of $946 million [8] - ATHA Energy Corp. has executed option agreements with Terra Uranium Ltd. for joint ventures on uranium properties, indicating strategic partnerships in the sector [9][10] - Centrus Energy Corp. priced $350 million in convertible senior notes, indicating financial maneuvers to support growth initiatives [11][12]

Financial Data and Key Metrics Changes - Total sales for Q3 2024 decreased by 14.4% year-over-year to $135.4 million, reflecting softening customer demand across key end markets [30] - Manufacturing margin was $17.1 million, down from $19 million in the prior year, with a manufacturing margin rate of 12.6%, an increase of 60 basis points from 12% [31] - Adjusted EBITDA for Q3 was $17.1 million, compared to $19.2 million in the prior year, with an adjusted EBITDA margin increase of 50 basis points to 12.6% [34] - Free cash flow for Q3 was $15.1 million, down from $16.1 million in the prior year [36] Business Line Data and Key Metrics Changes - Commercial vehicle revenues decreased by 9.9% year-over-year, driven by an 11.1% decrease in North American Class 8 truck demand [15] - Construction and access revenues decreased by 23.5% year-over-year, reflecting softening demand across nonresidential and public infrastructure markets [17] - Powersports market revenues decreased by 14.1% year-over-year, impacted by customer inventory destocking and softening consumer demand [18] - Agricultural market revenues decreased by 31.1% year-over-year, reflecting softening demand across both large and small agricultural markets [20] Market Data and Key Metrics Changes - The commercial vehicle market represents approximately 38% of trailing 12-month revenues, with a forecasted decrease in Class 8 vehicle production by 7.1% in 2024 [15] - The construction and access market, representing about 15% of revenues, is expected to see demand softness through 2024 and into 2025 [17] - The powersports market, accounting for 16% of revenues, is anticipated to recover as interest rates decline [19] - The agricultural market, representing 8% of revenues, is expected to remain in a downturn due to higher interest rates and lower crop prices [20] Company Strategy and Development Direction - The company has implemented cost rationalization initiatives, including a 12% reduction in the labor force and the permanent closure of the Wautoma facility [7] - The company aims to achieve $750 million to $850 million in revenues and expand adjusted EBITDA margins to between 14% and 16% by the end of 2026 [12] - The MBX framework continues to drive strategic pricing improvements and overall cost discipline, positioning the company for long-term financial improvements [25] Management's Comments on Operating Environment and Future Outlook - Management noted a marked near-term deceleration in customer order activity due to destocking actions by customers [6] - The outlook for 2024 has been revised to reflect reduced order activity, with expectations for a normalization in customer order activity beginning in the first half of 2025 [11] - Management remains confident in achieving long-term targets despite near-term demand softness, emphasizing that market share has not changed [12][48] Other Important Information - The company has booked approximately $80 million in new project wins this year, with launches occurring over the next two years [14] - A legal settlement with former fitness customers will result in a gross cash settlement of $25.5 million, which will be used for debt repayment and share repurchases [26][27] Q&A Session Summary Question: Can you break down your expectations for manufacturing margin and SG&A sequentially in Q4? - Manufacturing margin is expected to be down slightly compared to Q3, with SG&A seeing a favorable impact due to cost reduction activities [41][42] Question: What is the expected revenue for Q4, and how does it align with customer orders? - The expected revenue midpoint for Q4 is around $125 million, based on firm orders and not backlog [47] Question: Can you clarify the organic net sales growth of 1.5% to 2.5% for 2024 despite revised guidance? - This growth reflects new wins and opportunities, separated from the impact of destocking [62] Question: What initiatives are being taken to gain market share in the powersports market? - The company has gained market share through new customer wins and expanded programs with existing customers [63] Question: What is driving the strong free cash flow generation? - The strong free cash flow is attributed to the MBX program, focusing on reducing working capital and improving inventory management [64]

Financial Performance - Net sales for the three months ended September 30, 2024, were $135,392, a decrease of $22,825 or 14.4% compared to $158,217 for the same period in 2023, driven by reduced demand and customer inventory de-stocking [121]. - Manufacturing margins decreased to $17,095 for the three months ended September 30, 2024, down $1,925 or 10.1% from $19,020 in the prior year, primarily due to lower end market demand [122]. - EBITDA for the three months ended September 30, 2024, was $15,209, a slight decrease of $292 or 1.9% from $15,501 in the same period of 2023 [121]. - Adjusted EBITDA for the three months ended September 30, 2024, was $17,062, down from $19,211 in the prior year, reflecting a decrease of $2,149 or 11.2% [119]. - Net sales for the nine months ended September 30, 2024, were $460,298, an increase of $20,455 or 4.7% compared to $439,843 for the same period in 2023 [131]. - Manufacturing margins increased to $60,305 for the nine months ended September 30, 2024, up $8,813 or 17.1% from $51,492 in the prior year [132]. - Net income and comprehensive income rose to $9,997 for the nine months ended September 30, 2024, reflecting an increase of $4,380 or 78.0% compared to $5,617 in 2023 [131]. - EBITDA for the nine months ended September 30, 2024, was $49,633, an increase of $9,514 or 23.7% from $40,119 in the previous year [139]. Expenses and Margins - EBITDA margin improved to 11.2% for the three months ended September 30, 2024, compared to 9.8% in the same period of 2023, an increase of 1.4 percentage points [121]. - Adjusted EBITDA margin was 12.6% for the three months ended September 30, 2024, compared to 12.1% in the prior year, reflecting a 0.5 percentage point increase [119]. - Interest expense decreased to $2,653 for the three months ended September 30, 2024, down $1,254 or 32.1% from $3,907 in the same period of 2023, due to lower borrowings and interest rates [128]. - Other selling, general, and administrative expenses were $7,559 for the three months ended September 30, 2024, a decrease of $1,049 or 12.2% from $8,608 in the prior year, primarily due to lower legal fees [126]. - Profit-sharing, bonuses, and deferred compensation expenses decreased to $2,076 for the three months ended September 30, 2024, down $270 or 11.5% from $2,346 in the same period of 2023 [125]. - Amortization of intangible assets decreased to $1,733 for the three months ended September 30, 2024, a decrease of $440 or 20.2% from $2,173 in the prior year, due to full amortization of certain assets [124]. - Interest expense increased to $8,977 for the nine months ended September 30, 2024, an increase of $1,444 or 19.2% compared to $7,533 in 2023 [137]. Cash Flow and Capital Management - Cash provided by operating activities was $51,847 for the nine months ended September 30, 2024, a significant increase of $38,151 or 279% compared to $13,696 in 2023 [140]. - Cash used in investing activities decreased to $9,645 for the nine months ended September 30, 2024, down $88,009 or 90% from $97,654 in the prior year [141]. - The company had a consolidated total leverage ratio of 1.59 to 1.00 as of September 30, 2024, well below the maximum limit of 3.50 to 1.00 [148]. - Capital expenditures for the full year 2024 are expected to be between $13,000 and $15,000 [151]. - The company had availability of $138,955 under the revolving credit facility at September 30, 2024 [146]. - The company expects to remain compliant with financial covenants through 2024 and the foreseeable future, ensuring access to capital under the Credit Agreement [152]. - Operating cash flow and available borrowings are deemed sufficient to fund operations for 2024 and beyond, although future cash flows are subject to various variables [153]. - Total contractual obligations as of September 30, 2024, amount to $130.4 million, including long-term debt principal payments of $111.9 million due by 2028 [154]. - The company has $111.0 million borrowed under the revolving credit facility with an interest rate of 7.22% as of September 30, 2024 [158]. - A hypothetical 100-basis-point increase in interest rates would result in an additional $1.0 million of interest expense based on variable rate debt [159]. Market Risks - The company is exposed to commodity price fluctuations for materials such as steel, aluminum, and copper, which could negatively impact results [160]. - The company does not currently have any commodity hedging instruments in place to mitigate price fluctuations [160]. - Customer order forecasts can fluctuate dramatically from quarter to quarter, impacting the use and consumption of the company's products and services [156]. - The company selectively uses financial instruments to manage market risks related to customer forecasts and interest rates [155]. - The company has SOFR-based floating rate borrowings, exposing it to variability in interest payments due to changes in interest rates [157].

Company Performance - Mayville Engineering (MEC) reported quarterly earnings of $0.14 per share, missing the Zacks Consensus Estimate of $0.19 per share, and down from $0.21 per share a year ago, representing an earnings surprise of -26.32% [1] - The company posted revenues of $135.39 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 13.88%, compared to year-ago revenues of $158.22 million [2] - Over the last four quarters, Mayville Engineering has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] Stock Performance - Mayville Engineering shares have increased approximately 45.3% since the beginning of the year, outperforming the S&P 500's gain of 19.8% [3] - The current consensus EPS estimate for the coming quarter is $0.16 on revenues of $147.43 million, and for the current fiscal year, it is $0.68 on revenues of $629.55 million [7] Industry Outlook - The Engineering - R and D Services industry, to which Mayville Engineering belongs, is currently in the bottom 35% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]