31.07.2023

Solid first half for Maxim

US rental company Maxim Crane Works has reported a solid improvement in first half and second quarter revenues.

First Half
Total revenues for the six months to the end of June were $507 million, up around 17 percent on the same period in 2022. The company also says that its ‘adjusted’ Earnings Before Interest, Depreciation and Amortisation - EBITDA increased 42 percent to $122 million.

Second quarter
In the second quarter revenues increased 13 percent to $254 million, roughly the same as it achieved in its record first quarter. Adjusted EBITDA improved 31 percent to $63 million.

Full year
The trailing 12 months revenues were $975 million, up from $945 million for the 12 months to the end of March and 18 percent higher than a year ago. The company is now forecasting a full year’s adjusted EBITDA of $253 million. Net debt as of the end of June was $1.2 billion.
The results are of course preliminary and unaudited and subject to change.

Chief executive Paul McDonnell 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.”

“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. The Maxim team continues to show a disciplined approach to pricing and utilisation to deliver not only improved but record level financial results while maintaining a focus on safety and exceeding our customers’ expectations.”

Vertikal Comment

As we said last quarter it is a shame not to see the full results, pre-tax profit would be of greater interest than adjusted EBITDA, especially given the recent interest rate rises etc….
Having said all that, this a very decent set of numbers from Maxim, which does appear to be making strong progress and remains on target to achieve what I believe, will be its first $1 billion year.
Another positive result in the sector.