Mayville Engineering reports Q1 EPS 22c ex items, consensus 19c

Reports Q1 revenue $142.6M, consensus $140.2M. "We delivered solid organic sales growth in the first quarter, highlighted by continued momentum within our commercial vehicle, military and powersports markets," stated Jag Reddy, CEO. "Despite stable demand conditions, near-term supply chain disruptions and cost under-absorption impacted our margins as we ramp production at our new Hazel Park facility. As expected, Hazel Park affected first quarter Adjusted EBITDA and Adjusted EBITDA margin rate by $1.8 million and 120 basis points, respectively. Excluding the impact of Hazel Park, Adjusted EBITDA increased 5.6% on a year-over-year basis, while Adjusted EBITDA margin increased to 10.9%. Our first quarter results demonstrate continued progress on our MBX-driven commercial and operational priorities, with a long-term focus on margin expansion and profitable growth. We continue to drive MBX adoption across each of organizational centers of excellence and intend to provide MBX-led, multi-year performance targets at our first-ever Investor Day in late 2023."