WILDER, KY (March 2, 2023) – Maxim Crane Works L.P. (“Maxim” or the “Company”) today is reporting selected preliminary financial results for the fourth quarter and full year end 2022. All financial results for the fourth quarter and full year ending December 31, 2022, and related comparisons to prior periods included in this release are preliminary, have not been reviewed or audited, are based on the Company’s estimates and were prepared prior to the completion of the Company’s financial statement close process.
Preliminary Fourth Quarter and Full Year 2022 unaudited financial results:
- Fourth Quarter Revenues of $239 million, an increase of 19% over prior year.
- Fourth Quarter Adjusted EBITDA of $57 million, an increase of 59% over prior year.
- Fourth Quarter Adjusted EBITDA margin rate of 24%, an increase of 6pts over prior year.
- Full Year Revenues of $902 million, an increase of 16% over prior year.
- Full Year Adjusted EBITDA of $190 million, an increase of 43% over prior year.
- Full Year Adjusted EBITDA margin rate of 21%, an increase of 4pts over prior year.
- Full Year Run Rate Proforma Adjusted EBITDA of $219 million.
- Net Leverage improved to 5.3x on Run Rate Proforma Adjusted EBITDA basis and 6.1x on an Adjusted EBITDA basis, an improvement of 2.5x over prior year.
Refinancing Announcement
Maxim is also announcing the successful amendment of its existing asset-based credit facility which includes extending the maturity of the facility to February 2025.
CEO Comments
Paul McDonnell, Maxim’s Chief Executive Officer, stated: “I am excited to announce our preliminary fourth quarter and full year 2022 results today. The improved results over prior year are reflective of the go-forward strategy I have put in place, 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 Crane is uniquely positioned to capture the projected growth across all customer verticals throughout our footprint,” added McDonnell. “The extension of our ABL facility demonstrates the strong relationship we have with our lenders and their confidence in the execution of our strategy. The extension provides the company with a flexible source of liquidity into 2025.”
About Maxim Crane Works, L.P.
Maxim Crane Works, L.P. 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 Crane Works, L.P.’s product and service offerings the most far-reaching in the industry and across the country. Learn more about Maxim Crane Works, L.P. at www.maximcrane.com.
Preliminary Financial Data Disclaimer
This presentation contains certain preliminary estimates of our financial and operating results for the fourth quarter and year ended 2022, based on currently available information. We have not yet finalized our results for these periods and our consolidated financial statements as of and for the fourth quarter and year ended 2022 are not expected to be available until after the date of this presentation. Our actual results remain subject to the completion of our quarter and year-end 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 fourth quarter and year ended 2022 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
