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Logistec reports strongest quarter in its history

Montréal – LOGISTEC Corporation, a marine and environmental services provider, today announced its financial results for the three-month and nine-month periods ended September 25, 2021. The company reported its strongest quarter results to date in revenue and profit. Both the marine and the environmental services segments contributed to the strong results. “Overall, volumes are at pre-pandemic levels and strategic acquisitions we have made over the years are contributing to LOGISTEC’s performance,” the company said.

Together with our customers and communities, LOGISTEC continues to embrace the relaunch of an anticipated post-COVID economy. Consolidated revenue was $236.2 million in the period, an increase of $44.3 million or 23.1% over the same period in 2020. Adjusted EBITDA closed at $49.7 million, up $8 million.

In the nine-month period, consolidated revenue totalled $513.6 million, up $88.7 million or 20.9%.

Revenue from the marine services segment reached $111.9 million in 2021, up $32.7 million or 41.2% compared with the same period in 2020. The rebound in manufacturing production had a favourable impact on global trade which translated into incremental cargo handled at most of LOGISTEC’s terminals. Furthermore, the traditional energy industry and wind energy sector continue to fuel the growth of our operations in the U.S. Gulf Coast.

Revenue from the environmental services segment was $124.3 million, up $11.7 million or 10.4% in the third quarter of 2021. The growth is mainly attributable to the acquisition of American Process Group  while our ALTRA line of products continues to perform as expected.

On the marine side of the business, LOGISTEC sees a steady return to normal. “With large infrastructure projects underway both in the U.S. and Canada, it is expected that bulk and break-bulk cargo handling will remain very busy for the foreseeable future. We continue to focus on Green Marine certification of our terminals to reduce our environmental footprint in everything we do.” (photo Logistec at Port of Windsor)