Maxim Crane Works Reports 19 Percent Fourth Quarter Revenue Growth
Maxim Crane Works reported selected preliminary financial results for the fourth quarter and full year 2022. The provided results have not been reviewed or audited, but 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 revenues were $239 million, an increase of 19 percent compared to 2021. Fourth quarter adjusted EBITDA was $57 million, an increase of 59 percent compared to the previous year. And Maxim’s fourth quarter adjusted EBITDA margin rate was 24 percent, an increase of six points compared to the fourth quarter of 2021.
For the full year, Maxim reported revenues of $902 million, an increase of 16 percent compared to the previous year. The full year adjusted EBITDA was $190 million, an increase of 43 percent year over year. The full year adjusted EBITDA margin rate was 21 percent, an increase of four points year over year.
Maxim’s full year run rate proforma adjusted EBITDA was $219 million. Net leverage improved to 5.3x on a run rate proforma adjusted EBITDA basis and 6.1x on an adjusted EBITDA basis, an improvement of 2.5x compared to 2021.
Maxim also announced the successful amendment of its existing asset-based credit facility, which includes extending the maturity of the facility to February 2025.
"I am excited to announce our preliminary fourth quarter and full year 2022 results today,” said Paul McDonnell, Maxim CEO. “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. 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.”
Maxim Crane Works has more than 60 locations across the United States, with each branch providing management, rigging, engineering, transportation and outsourcing. The company offers hydraulic truck cranes, rough-terrain cranes, crawler cranes, tower cranes, all-terrain cranes, boom trucks and hoists. Based in Wilder, Ky., Maxim is No. 6 on the RER 100.
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Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.