Logistec, the parent company of CIPP providers FER-PAL and Sanexen, has announced its financial results for the third quarter and first nine months, ending September 29th, 2018.
In the third quarter of 2018, consolidated revenue totalled $184.5 million, an increase of $16.2 million, or 9.6 per cent, over the same period in 2017. Revenue from the marine services segment rose by 79.4 per cent from $53.7 million to $96.4 million, while revenue from the environmental services segment amounted to $88.1 million, a decrease of $26.5 million or 23.1 per cent from the third quarter of 2017. The third quarter of 2018 closed with a consolidated profit attributable to owners of the company of $22.3 million, compared with a profit of $11.0 million for the third quarter of 2017.
“The outlook remains positive. Both our marine and environmental services segments are expected to have a strong finish, and we continue to look for new growth opportunities,” said Madeleine Paquin, president and chief executive officer of Logistec.
The strong performance of the company’s marine services segment comes following acquisitions made in this segment over the last two years, namely Logistec Gulf Coast, Gulf Stream Marine, and Pate Stevedore, were solid contributors to these results.
In the environmental services segment, the company’s profit before income taxes for this quarter improved compared to the same period last year, but performance was still lower than expected. The decrease was explained by a lower activity level at FER-PAL compared to its record 2017 results. Nonetheless, Logistec noted that the combined backlog of Sanexen and FER-PAL totalled some $150 million as at the end of September 2018, a relatively high number for the time of year. As such, the company expects to start 2019 with a substantial backlog and, consequently, a positive forecast for its environmental services segment.
The company saw consolidated revenue increasing to $416.2 million from January through September 2018, compared with $330.2 million for the same period in 2017.