Brief: Mayville Engineering Company Reports Q3 Sales Of $128.5 Mln

Mayville Engineering

29/10/2019 21:41

Oct 29 (Reuters) - Mayville Engineering Company Inc  MEC.N :
    * MAYVILLE ENGINEERING COMPANY, INC. ANNOUNCES THIRD QUARTER
2019
RESULTS
    * Q3 SALES $128.5 MILLION VERSUS REFINITIV IBES ESTIMATE OF
$140.1
MILLION
    * SEES FY 2019 SALES $515 MILLION TO $525 MILLION
    * SEES 2019 NET SALES TO BE BETWEEN $515 MILLION TO $525
MILLION
    * MAYVILLE ENGINEERING - CAPITAL EXPENDITURES FOR 2019 ARE
EXPECTED TO EXCEED ORIGINAL FORECAST OF APPROXIMATELY $20
MILLION, BY APPROXIMATELY $7 MILLION
    * SEES 2019 ADJUSTED EBITDA TO BE BETWEEN $52 MILLION AND
$56
MILLION
    * OVER PAST 60 DAYS, CO HAS TALKED WITH CUSTOMERS REGARDING
NEAR-TERM ADJUSTMENTS TO PRODUCTION SCHEDULES
    * MAYVILLE ENGINEERING - RAPID SHORT-TERM ADJUSTMENTS FROM
FAIRLY
WIDE CROSS SECTION OF CUSTOMER BASE HAVE CAUSED US TO LOWER OUR
GUIDANCE FOR YEAR
    * MAYVILLE ENGINEERING COMPANY - ENTERED INTO AN AMENDED AND
RESTATED CREDIT AGREEMENT DURING QUARTER
    * MAYVILLE ENGINEERING COMPANY - NEW 5 YEAR CREDIT AGREEMENT
PROVIDES FOR TOTAL POTENTIAL BORROWING CAPACITY OF $300 MILLION
    * MAYVILLE ENGINEERING COMPANY -  NEW RESTATED CREDIT
AGREEMENT
PROVIDES FOR $200 MILLION REVOLVING CREDIT FACILITY & $100
MILLION ACCORDION FEATURE

Source text for Eikon:  ID:nBw6QQ0Fya 
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