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Aug. 1, 2023 - Maxim Crane Works L.P. has reported selected preliminary financial results for its second quarter of 2023.
• Second Quarter Revenues were $254 million, up 13% over the prior year.
• Second Quarter Adjusted EBITDA of $63 million, up 31% over the prior year, and the highest quarter in company history.
• Second Quarter Adjusted EBITDA margin rate of 25%, up 4 points over the prior year.
• Trailing 12-Months Revenue of $975 million, up 18% over the prior period.
• Trailing 12-Month Adjusted EBITDA of $226 million, up 45% over prior period, and the highest trailing 12 months in company history.
• Trailing 12-Months Adjusted EBITDA margin rate of 23%, up 4 points over the prior year.
• Full-Year Run Rate Proforma Adjusted EBITDA of $253 million.
• Net Leverage of 4.7x on a Run Rate Proforma Adjusted EBITDA basis and 5.3x on an Adjusted EBITDA basis, up 2.1x over prior year.
• Second-Quarter ending Net Debt of $1,199 million and Liquidity of $296 million.
Paul McDonnell, Maxim’s Chief Executive Officer, said: "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.”
Added McDonnell, “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.”
