...May 7, 2025 This report does not constitute a rating action. Maxim Crane continues to invest in its multi-year fleet refresh initiative, which will lower its average fleet age and better position it for future growth opportunities. For the 12-months ended Dec. 31, 2024, the company's S&P Global Ratings-adjusted net capital expenditure (capex) was approximately $208 million, an increase of about $83 million from 2023 and over $160 million from 2022. The increase in Maxim's spending went primarily toward purchases of new, higher-capacity cranes that provide its customers with increased lifting capabilities, improved reliability, enhanced efficiency, and greater safety features. The fleet refresh program will also provide the company with a more diverse and younger crane fleet and further support its competitive positioning, especially as it competes for larger, mega-trend focused projects. However, the company's increased capex is a material drag on its free operating cash flow (FOCF) generation....
