Maxim reports record performance in Q1
By Hannah Sundermeyer25 May 2023
Maxim Crane Works has reported selected financial results for the first quarter 2023. The company publicized first quarter revenues of $253 million, an increase of 21 percent over prior 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, chief executive officer, Maxim. “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.”
The first quarter also saw an adjusted EBITDA of $59 million, an increase of 56 percent over prior year, and a first quarter adjusted EBITDA margin rate of 23 percent, an increase of 5 points over prior year.
In March 2023, 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.”