Milwaukee-based manufacturer
Mayville Engineering Company reported a 19.2% sales dip for the second quarter, compared to a year ago, and a net loss for the quarter of $1.1 million.
The company had sales of $132.3 million in the second quarter, down from $163.6 million in the second quarter of 2024.
It’s $1.1 million net loss for the quarter was a decline from a positive net income of $3.8 million in the second quarter of 2024.
In a news release, Mayville Engineering attributed its sales decline to “lower customer demand across a majority of the company’s key end markets and customer channel inventory destocking.”
Mayville Engineering produces components used in heavy- and medium-duty commercial vehicles, construction, powersports, agricultural, military and other products.
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Jag Reddy, CEO of Mayville Engineering Company[/caption]
“Customer demand remained soft throughout the quarter due to elevated uncertainty across the majority of our end markets,” said Mayvile Engineering president and CEO
Jag Reddy. “Looking ahead, our customers’ visibility into the second half of the year remains limited. We expect this uncertainty to continue to weigh on market demand, particularly in the commercial vehicle, powersports, and agriculture end markets. While inventory de-stocking has progressed in some markets, order activity has slowed and is expected to remain muted through year-end.”
Shortly after the end of the second quarter, Mayville Engineering completed its
$120 million acquisition of North Carolina-based metal fabrication company Accu-Fab.
“Integration efforts are well underway, and we expect to fully integrate the Accu-Fab operations by the end of the year,” Reddy said. “In the near term, our priorities include the integration of Accu-Fab, driving operational excellence, reducing debt and executing opportunistic share repurchases. Long-term, we are confident in building MEC into a scaled, diversified domestic fabricator with $1 billion in revenue supported by organic growth, disciplined M&A and consistent operational execution.”
Mayville Engineering reported $581.6 million in net sales in 2024.
