Mayville Engineering Company reported fourth-quarter 2024 net sales of $121.3 million, an 18.4% decrease year-over-year, due to soft customer demand and channel inventory de-stocking across most end markets. For the full year 2024, net sales were $581.6 million, a 1.2% decrease from the prior year.
Fourth-quarter net income was $16.0 million, or $0.76 per diluted share, significantly boosted by a $25.5 million gain from a lawsuit settlement. Adjusted EBITDA for Q4 2024 was $9.2 million, or 7.6% of net sales, reflecting lower fixed cost absorption due to decreased demand.
The company generated strong full-year 2024 free cash flow of $77.7 million, a 227% increase year-over-year, and reduced net leverage to 1.3x by year-end. For full-year 2025, MEC issued guidance expecting net sales between $560 million and $590 million, Adjusted EBITDA between $60 million and $66 million, and free cash flow between $43 million and $50 million, anticipating muted demand in the first half with gradual improvement in the second half.
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