Maxim sees strong profitable growth
By Hannah Sundermeyer08 March 2023
Maxim Crane Works has reported selected preliminary financial results for the fourth quarter and full year end 2022.
The company publicized fourth quarter revenues of $239 million, an increase of 19 percent over prior year. The fourth quarter saw an adjusted EBITDA of $57 million, an increase of 59 percent over the prior year and a fourth quarter adjusted EBITDA margin rate of 24 percent, an increase of 6 points over the prior year. Full year revenues clocked in at $902 million, an increase of 16 percent over prior year, and the full year adjusted EBITDA $190 million, saw an increase of 43 percent over prior year.
“I am excited to announce our preliminary fourth quarter and full year 2022 results today,” said Paul McDonnell, chief executive officer, Maxim. “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.”
Maxim also announced the successful amendment of its existing asset-based credit facility which includes extending the maturity of the facility to February 2025.
“The extension of our ABL facility demonstrates the strong relationship we have with our lenders and their confidence in the execution of our strategy,” added McDonnell. “The extension provides the company with a flexible source of liquidity into 2025.”