Financial Performance - Net sales for Q3 2024 were $135.4 million, a decrease of 14.4% year-over-year[2]. - Net income for Q3 2024 was $3.0 million, or $0.14 per diluted share, an increase of $1.6 million compared to the prior year[2][8]. - Adjusted EBITDA was $17.1 million, a decrease of 11.2% year-over-year, with an adjusted EBITDA margin of 12.6%, an increase of 50 basis points[2][9]. - Free cash flow for Q3 2024 was $15.1 million, down from $16.1 million in the prior year[11]. - Net sales for the three months ended September 30, 2024, were $135,392 thousand, a decrease of 14.5% compared to $158,217 thousand for the same period in 2023[42]. - Net income for the nine months ended September 30, 2024, was $9,997 thousand, representing a 77.5% increase from $5,617 thousand for the same period in 2023[42]. - EBITDA for the nine months ended September 30, 2024, was $49,633 thousand, up 23.6% from $40,119 thousand for the same period in 2023[44]. - Adjusted EBITDA margin for the three months ended September 30, 2024, was 12.6%, compared to 12.1% for the same period in 2023[44]. - Free cash flow for the nine months ended September 30, 2024, was $42,094 thousand, compared to $3,882 thousand for the same period in 2023[46]. - The company reported a basic earnings per share of $0.49 for the nine months ended September 30, 2024, an increase from $0.28 for the same period in 2023[42]. Guidance and Projections - Full year 2024 net sales and Adjusted EBITDA guidance were reduced by 7% and 13%, respectively, at the midpoint of the range[3]. - The Company reiterated its guidance for FY 2024 Net Sales, forecasting a range of $620 million to $640 million, with a midpoint of $630 million[31]. - Adjusted EBITDA for FY 2024 is projected to be between $72 million and $76 million, with a midpoint of $74 million[31]. - Free Cash Flow for FY 2024 is expected to be between $45 million and $55 million[31]. - Capital expenditures for FY 2024 are now estimated to be between $13 million and $15 million, down from a previous estimate of $15 million to $20 million[32]. Cash and Debt Management - The company received a gross cash settlement of $25.5 million from a former customer, which will be used for debt repayment and share repurchases[4]. - As of September 30, 2024, the ratio of debt to trailing twelve-month Adjusted EBITDA was 1.6x, with total cash and availability exceeding $135 million[30]. - The company experienced a reduction in cash and cash equivalents from $672,000 at December 31, 2023, to $178,000 at September 30, 2024[41]. - The company had a net cash increase of $178 thousand at the end of the period, compared to $2,305 thousand at the end of the previous period[43]. - Interest expense decreased to $8,977 thousand for the nine months ended September 30, 2024, from $7,533 thousand for the same period in 2023[42]. Operational Changes - The company announced a permanent closure of the Wautoma, WI facility, with an estimated $1.0 to $3.0 million in annualized cost savings expected[2][3]. - MEC has booked approximately $80 million in new project wins, with launches occurring over the next two years[28]. - The Company reported actual Net Sales of $588.4 million for FY 2023[31]. - The Company maintains an extensive manufacturing infrastructure with 23 facilities across seven states[37]. Asset and Liability Overview - Total assets decreased from $496.7 million at December 31, 2023, to $466.0 million at September 30, 2024[41]. - Total liabilities decreased from $266.7 million at December 31, 2023, to $227.6 million at September 30, 2024[41]. - Retained earnings increased from $34.1 million at December 31, 2023, to $44.1 million at September 30, 2024[41].

Group 1: Mayville Engineering (MEC) - Mayville Engineering shares increased by 6% to close at $21.46, supported by higher trading volume compared to normal sessions [1] - The stock has gained 4.3% over the past four weeks, driven by positive housing prospects and improvements in office rent in key markets [1] - The consensus EPS estimate for the upcoming quarterly report is $0.19, reflecting a year-over-year decline of 9.5%, with expected revenues of $157.22 million, down 0.6% from the previous year [2] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that the stock's price may not continue to rise without earnings estimate revisions [3] Group 2: Fluor (FLR) - Fluor's consensus EPS estimate for the upcoming report is $0.78, representing a 23.5% decrease from the previous year's report [4] - Fluor also holds a Zacks Rank of 3 (Hold), similar to Mayville Engineering [4]

Core Viewpoint - Mayville Engineering Company has shown significant financial improvement, leading to a strong buy rating due to its undervalued shares and positive growth trajectory [1][8]. Financial Performance - Revenue for the first half of 2024 reached $324.9 million, a 15.4% increase from $281.6 million in the same period last year, driven by organic sales and an acquisition [2]. - Net income nearly doubled from $4.2 million to $7 million, with adjusted net profits growing from $7.6 million to $10.1 million [3]. - Operating cash flow improved from negative $5.9 million to positive $33.9 million, and EBITDA rose from $29.1 million to $38.2 million [3]. Quarterly Insights - In the second quarter of 2024, revenue increased by 17.7% year-over-year to $163.6 million, with net income growing from $1.6 million to $3.8 million [3]. - Adjusted operating cash flow soared from $0.2 million to $23.3 million, and EBITDA expanded from $15.3 million to $19.6 million [3]. Future Projections - Management anticipates full-year 2024 revenue between $620 million and $640 million, representing a 7.1% increase from 2023 [4]. - Expected EBITDA for 2024 is projected between $72 million and $76 million, with adjusted operating cash flow anticipated at $38.5 million [4]. Valuation Metrics - Mayville Engineering Company is valued attractively compared to peers, with a price to operating cash flow of 10.3 and an EV to EBITDA of 7.0, lower than five comparable firms [6]. - Future market capitalization could reach $642.7 million, suggesting an annualized return of 21.4% over the next two and a half years [7]. Management Outlook - Management forecasts annualized revenue of $750 million to $850 million for the 2026 fiscal year, with EBITDA expected between $105 million and $135 million [5].

2Q24 Results Presentation August 7, 2024 SAFE HARBOR STATEMENT 2 Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This presentation contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results a ...

Mayville Engineering Company, Inc. (NYSE:MEC) Q2 2024 Earnings Conference Call August 7, 2024 10:00 AM ET Company Participants Stefan Neely - Vallum Advisors, IR Jag Reddy - President and CEO Todd Butz - Chief Financial Officer Conference Call Participants Mig Dobre - Baird Ted Jackson - Northland Securities Ross Sparenbleck - William Blair Operator Good morning. Thank you for attending today???s Mayville Engineering Company Second Quarter 2024 Earnings Conference Call. My name is Tamiya, and I will be your ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------------------------------------|------------------------------------------- ...

Exhibit 99 MAYVILLE ENGINEERING COMPANY ANNOUNCES SECOND QUARTER 2024 RESULTS MILWAUKEE, Wis., August 6, 2024 – 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 June 30, 2024. SECOND QUARTER 2024 RESULTS (All comparisons versus the prior-year period) ● Net sales of $163.6 million, or +17.7%, including organic growth of 6.9% ● Net ...

Mayville Engineering (MEC) shares rallied 5.3% in the last trading session to close at $17.35. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.4% loss over the past four weeks. This company is expected to post quarterly earnings of $0.17 per share in its upcoming report, which represents a year-over-year change of -15%. Revenues are expected to be $160.38 million, up 15.4% from the year-ago quarter. The sto ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they bel ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies. Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, in ...