Reports Q4 revenue $128.5M, two estimates $123.7M. "Our strong fourth quarter results demonstrate continued, favorable demand conditions across our diverse end-market portfolio, together with focused execution on our multi-year business transformation initiatives," stated Jag Reddy, CEO. "With the recent implementation of our MBX Initiative, we’ve identified multiple opportunities for margin expansion and profitable growth, with an emphasis on operational and productivity improvements, together with targeted commercial expansion in both existing and adjacent markets. As a vertically integrated, tier-one supplier of scale, MEC is uniquely equipped to deliver a one-stop solution that combines design, prototyping, and fabrication expertise across the entire product lifecycle," continued Reddy. "We continued to capitalize on our market-leading position during the fourth quarter, delivering significant year-over-year growth in net sales, Adjusted EBITDA and net income. Overall, we continued to see demand strength across our commercial vehicle, construction & access, agriculture and military end-markets, which partially offset softness in powersports and other categories. Adjusted EBITDA increased 26.2% on a year-over-year basis in the fourth quarter, while Adjusted EBITDA margin, excluding the impact of the ramp-up of our Hazel Park facility, increased 240 basis points to 10.5%. We expect the planned expenses related to the ramp-up of Hazel Park will adversely impact our margins by approximately 100 basis-points in 2023. However, we believe the impact of the Hazel Park ramp up will be partially offset by ongoing MBX-related asset optimization and plant utilization initiatives."
Published first on TheFly
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