Financial News
Mayville Engineering (MEC) Q3 Earnings: What To Expect
Vertically integrated manufacturing solutions provider Mayville Engineering Company (NYSE:MEC) will be reporting earnings tomorrow after the bell. Here’s what to expect.
Mayville Engineering beat analysts’ revenue expectations by 2.8% last quarter, reporting revenues of $163.6 million, up 17.7% year on year. It was an exceptional quarter for the company, with an impressive beat of analysts’ EBITDA estimates.
Is Mayville Engineering a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Mayville Engineering’s revenue to be flat year on year at $157.6 million, slowing from the 16.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.24 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Mayville Engineering has missed Wall Street’s revenue estimates three times over the last two years.
Looking at Mayville Engineering’s peers in the engineered components and systems segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Gates Industrial Corporation’s revenues decreased 4.8% year on year, meeting analysts’ expectations, and Applied Industrial reported flat revenue, topping estimates by 1.5%. Gates Industrial Corporation traded up 6% following the results while Applied Industrial was also up 3.4%.
Read our full analysis of Gates Industrial Corporation’s results here and Applied Industrial’s results here.
Investors in the engineered components and systems segment have had steady hands going into earnings, with share prices flat over the last month. Mayville Engineering is up 6.8% during the same time and is heading into earnings with an average analyst price target of $28.50 (compared to the current share price of $20.47).
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