For the six months ended June 30, 2024, Maxim Crane?s revenues fell about 6% year over year as the higher-for-longer interest rate environment continued to weigh on commercial building projects, causing lower fleet utilization in the tower crane business. In addition, revenues are being temporarily constrained by a mix shift from tower crane rentals that typically include an operator to other rentals that do not, as compared to the prior year. These weaknesses could persist through the remainder of 2024, despite being offset by strength in the downstream energy and infrastructure markets. As a result, we anticipate modestly lower revenues in 2024, before rebounding to low-single-digit percent growth in 2025 as construction activity improves and investments in multiyear infrastructure and
