Maxim Crane Works posted second quarter 2023 revenues of $254 million, a 13-percent increase compared to the second quarter of 2022. Maxim’s second quarter adjusted EBITDA was $63 million, a 31-percent jump compared to Q222. It was the highest quarter of EBITDA in the company’s history. Maxim’s second quarter adjusted EBITDA margin rate was 25 percent, a four-point year-over-year increase.
Trailing 12-months revenues were $975 million, an 18-percent year-over-year jump. Trailing 12-months adjusted EBITDA was $226 million, a 45-percent increase over the previous period and the highest trailing 12 months in Maxim’s history. Trailing 12-months adjusted EBITDA margin rate was 23 percent, a four-point increase compared to the previous year.
Maxim’s full-year run rate proforma adjusted EBITDA was $253 million. Its net leverage of 4.7x on a run rate proforma adjusted EBITDA basis and 5.3x on an adjusted EBITDA basis was an improvement of 2.1x compared to the previous year. Maxim’s second quarter ending net debt was $1,199 million and liquidity was $296 million.
“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,” said Maxim CEO Paul McDonnell. “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 strategy. 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.”
Maxim 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 include non-residential construction, infrastructure and industrial sectors. Maxim has more than 60 branches, each providing management, rigging, engineering, transportation and outsourcing.
Maxim Crane Works is No. 6 on the RER 100.