Record quarter for Maxim
US crane and hoist rental company Maxim Crane has announced record revenues for the first quarter.
The company has not released its full numbers but says that revenues increased 21 percent over the same quarter in 2022 to $253 million, a new record. The result puts it well on target to exceed $1 billion for the full year. Revenues for the rolling 12 months to the end March were $945 million.
Earnings Before Interest, Depreciation and Amortisation - the only profit related statistic the company makes public at this point - was $59 million, up 56 percent on the same quarter last year, although this is ‘adjusted EBITDA rather than the statuary number.
Chief executive Paul McDonnell said: “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. 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 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 utilisation approach to achieve improved financial results.”
It’s a shame the company is not a little more open with its results, although the revenue growth and adjusted EBITDA number is to be applauded, the company carries a fairly hefty debt pile much of which will need to be refinanced over the next year or so. In March S&P downgraded the company’s debt and placed it on its Credit Watch list as a precaution, although it also recognised the upward trend and potential further improvements the company is making as is highlighted in these numbers.