Maxim Crane Works posted $253 million in first quarter 2023 revenues, an increase of 21 percent compared to the first quarter of 2022. First quarter 2023 adjusted EBITDA was $59 million, an increase of 56 percent compared to Q122. And Maxim’s first quarter adjusted EBITDA margin rate was 23 percent, an increase of 5 points compared to the first quarter of 2022.
Maxim’s trailing 12 months revenues were $945 million, an 18-percent year-over-year increase. Its trailing 12 months adjusted EBITDA was $211 million, an increase of 53 percent compared to the previous trailing 12-month period. Its trailing 12-month adjusted EBITDA margin rate was 22 percent, an increase of 5 points compared to the previous year.
“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,” said Paul McDonnell, Maxim CEO. “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 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. 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.”
Maxim also reported a full-year run rate pro forma adjusted EBITDA of $238 million. Net leverage improved to 5.0x on run rate pro forma adjusted EBITDA basis and 5.7X on an adjusted EBITDA basis, an improvement of 2.9X over the previous year.
Maxim Crane Works, based in Wilder, Ky., is No. 6 on the RER 100.
