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Mayville Engineering Company Inc. (MEC+1.63%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported net sales of $581.6 million, a slight decrease from $588.4 million in the previous year. This decrease was attributed to softening demand in key end markets and customer de-stocking activities.
Manufacturing margins increased to $71.1 million from $69.7 million, driven by strategic initiatives and cost reduction actions, including a reduction in the labor force.
Operating income rose significantly to $44.6 million from $20.2 million, primarily due to a $25.5 million gain from a lawsuit settlement with a former fitness customer.
Interest expense remained relatively stable at $11 million, while the provision for income taxes increased to $7.6 million, reflecting the impact of the lawsuit settlement.
The company reported net income of $26 million, up from $7.8 million in the previous year.
Mayville Engineering Company Inc. continues to focus on operational excellence and strategic growth, including the integration of its recent acquisition of Mid-States Aluminum (MSA).
The company maintains a strong liquidity position with $170.3 million available under its revolving credit facility as of December 31, 2024.
Mayville Engineering Company Inc. identified a material weakness in its internal control over financial reporting related to the review and approval of journal entries. The company is taking steps to remediate this weakness.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mayville Engineering Company Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.