Maxim Crane Works, L.P., the only coast-to-coast provider of comprehensive lifting services in the United States, announces preliminary record financial results for the Second Quarter 2023.
Wilder, KY (July 27, 2023) – Maxim Crane Works L.P. (“Maxim” or the “Company”) today is reporting selected preliminary financial results for the second quarter 2023.
Second Quarter 2023 preliminary financial results:
- Second Quarter Revenues of $254 million, an increase of 13% over prior year.
- Second Quarter Adjusted EBITDA of $63 million, an increase of 31% over prior year and the highest quarter in the company’s history.
- Second Quarter Adjusted EBITDA margin rate of 25%, an increase of 4pts over prior year.
- Trailing Twelve Months Revenues of $975 million, an increase of 18% over prior period.
- Trailing Twelve Months Adjusted EBITDA of $226 million, an increase of 45% over prior period and the highest Trailing Twelve Months in the company’s history.
- Trailing Twelve Months Adjusted EBITDA margin rate of 23%, an increase of 4pts over prior year.
- Full Year Run Rate Proforma Adjusted EBITDA of $253 million.
- Net Leverage of 4.7x on Run Rate Proforma Adjusted EBITDA basis and 5.3x on an Adjusted EBITDA basis, an improvement of 2.1x over prior year.
- Second Quarter ending Net Debt of $1,199 million and Liquidity of $296 million.
CEO Comments
Paul McDonnell, Maxim’s Chief Executive Officer, stated: “We are excited to announce that we have delivered the best quarterly results in the company’s history in the second quarter of 2023 and remain ahead of our 2023 full year projections. The continued improvement in results this quarter are an outcome of our team’s focus on delivering profitable growth in line with our go-forward strategy, which as I’ve noted before, aligns our customer strategy with an operational and fleet strategy to meet the customer’s needs in the industries and geographies in which they work.”
“As the only coast-to-coast lifting solutions provider, Maxim is uniquely positioned to capture the projected growth across key customer verticals throughout our footprint, specifically in infrastructure, industrial manufacturing, and renewable energy,” added McDonnell. “The Maxim team continues to show a disciplined approach to pricing and utilization to deliver not only improved but record level financial results while maintaining a focus on safety and exceeding our customers’ expectations.”
About Maxim Crane Works, L.P.
Maxim is the only coast-to-coast provider of comprehensive lifting services in the United States. The Company specializes in the rental of heavy-lift equipment (with or without operating crews), including hydraulic truck cranes, rough terrain cranes, crawler cranes, tower cranes, all-terrain cranes, boom trucks and hoists. Customer verticals served include the non-residential construction, infrastructure, and industrial sectors.
Situated in more than 60 locations across the United States, each branch can provide management, rigging, engineering, transportation, and outsourcing – making Maxim’s product and service offerings the most far-reaching in the industry and across the country. Learn more about Maxim at www.maximcrane.com.
Preliminary Financial Data Disclaimer
This presentation contains certain preliminary estimates of our financial and operating results for the second quarter 2023, based on currently available information. We have not yet finalized our results for this period and our consolidated financial statements as of and for the second quarter 2023 are not expected to be available until after the date of this presentation. Our actual results remain subject to the completion of our quarter closing processes. As a result, our actual results could be materially different from those set forth in this presentation. The preliminary financial data included in this presentation have been prepared by, and are the responsibility of, our management. Ernst & Young LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Our actual results for the second quarter 2023 are not yet available, may differ materially from our preliminary estimates and are not necessarily indicative of the results to be expected for any future period. Accordingly, you should not place undue reliance upon these preliminary estimates, which are subject to risks and uncertainties, many of which are not within our control.
Contacts:
Sean Collopy
Chief Financial Officer
scollopy@maximcrane.com
Ryan Gutwald
Vice President of Administration
rgutwald@maximcrane.com
