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Income Statement
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Mayville Engineering Company, Inc. (MEC)

Income Statement

Standardized | As Reported Annual | Quarterly | TTM
 
In millions, except per share itemsDec-31-22Dec-31-21Dec-31-20Dec-31-19Dec-31-18Dec-31-17
   10-K10-K10-K10-K10-K10-K
Revenues:  
    Fabrication       129.4
    Performance structures       87.7
    Tube       65.4
    Tank       27.4
    Other       3.4
Total revenues   [+]539.4454.8357.6519.7354.5313.3
            Revenue growth  18.6%27.2%-31.2%46.6%13.1% 
Cost of goods sold  478.3403.5326.1461.0303.9278.6
Gross profit  61.151.431.558.750.634.7
            Gross margin  11.3%11.3%8.8%11.3%14.3%11.1%
Selling, general and administrative  24.720.419.025.512.312.2
Other operating expenses  3.727.78.230.612.19.4
EBITDA   [+]55.124.425.625.042.630.2
            EBITDA margin  10.2%5.4%7.2%4.8%12.0%9.6%
Depreciation  22.421.121.422.316.417.0
EBITA  32.73.34.22.726.213.2
            EBITA margin  6.1%0.7%1.2%0.5%7.4%4.2%
Amortization of intangibles  7.010.710.710.74.13.8
EBIT   [+]25.8-7.4-6.5-8.022.19.4
            EBIT margin  4.8%-1.6%-1.8%-1.5%6.2%3.0%
Non-recurring items   [+]   -6.10.0 
Interest expense  3.42.02.76.73.94.2
Other income (expense), net   [+]   -0.2-0.8 
Pre-tax income  22.4-9.4-9.2-8.817.55.2
Income taxes  3.7-1.9-2.1-4.1-0.50.0
            Tax rate  16.4%20.7%22.6%46.2% 0.0%
Net income  18.7-7.5-7.1-4.817.95.2
            Net margin  3.5%-1.6%-2.0%-0.9%5.1%1.7%
   
Basic EPS   [+]$0.92($0.37)($0.36)($0.27)$1.29$0.37
Diluted EPS   [+]$0.91($0.36)($0.36)($0.27)$1.29$0.37
   
Shares outstanding (basic)   [+]20.420.419.917.413.914.3
Shares outstanding (diluted)   [+]20.720.819.917.413.914.3
   
EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.  

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