Logistec Announces Results for 2021 and Beyond
Logistec Corporation, a leading provider of environmental, industrial, and marine services, recently announced their results for 2021 and beyond. The company reported a strong financial performance for the year, with net earnings of $51.2 million, up from $44.3 million in 2020. This was driven by a combination of higher revenues and improved operating margins.
Revenue Growth
Logistec reported total revenues of $1.1 billion for 2021, up from $1.0 billion in 2020. This was driven by strong growth in the company’s marine services segment, which saw revenues increase by 8.3% to $945.3 million. This was partially offset by a decline in the environmental services segment, which saw revenues decrease by 3.3% to $152.7 million.
Operating Margins
Logistec reported operating margins of 10.2% for 2021, up from 9.4% in 2020. This was driven by improved efficiency and cost-cutting measures, as well as higher revenues. The company also reported a return on equity of 16.3%, up from 14.7% in 2020.
Outlook
Logistec is optimistic about the future and expects to continue to grow its revenues and operating margins. The company is focused on expanding its presence in the marine services segment, as well as continuing to invest in its environmental services segment. Logistec is also looking to expand its presence in the United States and Europe.
Dividend
Logistec also announced a dividend of $0.20 per share for 2021, up from $0.15 per share in 2020. This is the company’s fifth consecutive year of increasing its dividend.
Share Repurchase Program
Logistec also announced a share repurchase program for 2021. Under the program, the company will repurchase up to $50 million of its common shares. This is the company’s third consecutive year of repurchasing its shares.
Conclusion
Logistec Corporation reported strong financial results for 2021, with net earnings of $51.2 million and total revenues of $1.1 billion. The company also announced a dividend of $0.20 per share and a share repurchase program for 2021. Logistec is optimistic about the future and expects to continue to grow its revenues and operating margins.