Mayville Engineering Company, Inc. (NYSE:MEC) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET
Company Participants
Noel Ryan - Vallum, Investor Relations
Jag Reddy - President and CEO
Todd Butz - Chief Financial Officer
Conference Call Participants
Mig Dobre - Baird
Larry De Maria - William Blair
Tim Moore - EF Hutton
Operator
Good morning. And a warm welcome to the Mayville Engineering Company First Quarter 2023 Earnings Call. My name is Candid, and I will be your coordinator for today’s call. All lines have been placed on mute during the presentation portion of the call with an opportunity for question-and-answer at the end. [Operator Instructions]
I would now like to hand the conference call over to our host, Noel Ryan with Vallum. Please go ahead.
Noel Ryan
Thank you, Operator. On behalf of the entire team, I’d like to welcome you to our first quarter 2023 results conference call. Leading the call today is MEC’s President and CEO, Jag Reddy; and Todd Butz, Chief Financial Officer.
Today’s discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today’s forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to update our forward-looking statements.
Further, this call will include the discussion of certain non-GAAP financial measures. Reconciliations of these measures to the closest GAAP financial measure is included in our quarterly earnings release, which is available at mecinc.com. Following our prepared remarks, we will open the line for questions.
And with that, I would like to turn the call over to Jag.
Jag Reddy
Thank you, Noel, and welcome to those joining us on the call and webcast. Our first quarter results demonstrated continued progress on our commercial and operational priorities, actions that position us to drive incremental margin expansion and profitable growth over the long-term.
We delivered solid organic sales growth in the first quarter, driven by continued momentum within our commercial vehicles, military and powersports markets together with year-over-year growth in manufacturing margin.
Net sales increased by 4.7% on a year-over-year basis, driven by solid demand in our commercial vehicle, military and powersports markets.
Last quarter, consistent with our commitment to business transparency, we began to report quarterly revenues for each of our end markets and have provided relevant historical market data this quarter.