Maxim Crane Works, L.P., the only coast-to-coast provider of comprehensive lifting services in the United States, announces record financial results for the First Quarter 2023.
WILDER, KY (May 24, 2023) – Maxim Crane Works L.P. (“Maxim” or the “Company”) today is reporting selected financial results for the first quarter 2023.
First Quarter 2023 financial results:
- First Quarter Revenues of $253 million, an increase of 21% over prior year.
- First Quarter Adjusted EBITDA of $59 million, an increase of 56% over prior year.
- First Quarter Adjusted EBITDA margin rate of 23%, an increase of 5pts over prior year.
- Trailing Twelve Months Revenues of $945 million, an increase of 18% over prior period.
- Trailing Twelve Months Adjusted EBITDA of $211 million, an increase of 53% over prior period.
- Trailing Twelve Months Adjusted EBITDA margin rate of 22%, an increase of 5pts over prior year.
- Full Year Run Rate Proforma Adjusted EBITDA of $238 million.
- Net Leverage improved to 5.0x on Run Rate Proforma Adjusted EBITDA basis and 5.7x on an Adjusted EBITDA basis, an improvement of 2.9x over prior year.
CEO Comments
Paul McDonnell, Maxim’s Chief Executive Officer, stated: “We are excited to announce that we have delivered record financial results for the first quarter 2023 and are ahead of our 2023 full year projections. The improvement in results this quarter are reflective of the team’s continued execution of our go-forward strategy, which aligns our customer strategy with an operational and fleet strategy to capture profitable growth opportunities.”
“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,” added McDonnell. “The Maxim team continues to come together in a more integrated way to improve our overall customer experience, unlock the benefits of scale, while also driving a disciplined pricing and utilization approach to achieve improved financial results.”
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.
Contacts:
Sean Collopy
Chief Financial Officer
scollopy@maximcrane.com
Ryan Gutwald
Vice President of Administration
rgutwald@maximcrane.com
