English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

CEVA 4th quarter pre-tax down 2.6 percent

PRESS RELEASE

March 03, 2015: CEVA Holdings LLC one of the world's leading non‐asset based supply chain management companies, today reported results for the three months ended 31 December 2014.

CEVA's performance in the Fourth Quarter demonstrates that the Company's strategy, executed in three distinct phases throughout 2014, continues to gain traction. Freight Management volume trends remained healthy in the quarter, with Air Freight volume growing six percent, outpacing the market. In Ocean Freight, controlled volume was up more than 10% year-over-year, outperforming the market. Successful implementation of complex new business contributed positively to Q4 revenue growth.

"The Fourth Quarter caps a productive year of building CEVA's competitive advantage," said Xavier Urbain, CEO of CEVA. "We enter 2015 with an executive management team of seasoned industry leaders and a go-to-market strategy based upon Business Lines in Freight Management (Air Freight and Ocean Freight) and Contract Logistics to enhance customer value. On 1 January, 2015, we implemented our new local-based operating model to drive operations excellence in our global network and to be a more responsive and innovative partner to our customers. Our customers' reaction to our progress is highly positive, as evidenced by Q4's top line growth."

Fourth Quarter revenue of $2,029 million was up 3.5% in constant currency and down 1.3% as reported. Adjusted EBITDA was up 33.9% year-over-year, excluding a one-time pension curtailment gain in Q4 2013. Adjusted EBITDA including the pension curtailment was down 2.6% year-over-year.

Contract Logistics realized above market EBITDA of 6.5% in Q4. Contract Logistics revenue was up 1.4% in constant currency in the quarter and grew 15.4% sequentially.

Entering 2015, the Company's new business pipeline is up significantly for both Freight Management and Contract Logistics. Total new business wins for 2014 were up 14% year-over-year. Total Freight Management wins were up 18% year-over-year, with Ocean Freight wins up 30% year-over-year and Air Freight wins showing growth of 14% year-over-year. Total Contract Logistics wins were up two percent year-over-year.

CEVA recently launched an independent global Healthcare sector – previously a sub-sector of Consumer and Retail – to leverage the Company's significant presence in this market, with revenues of more than $300 million annually. CEVA has established business in each of the Healthcare industry's recognized sub-sectors of Medical Disposables, Medical Devices, Vaccines and Biotech, Pharmaceutical and Medical Equipment.

On 1 January, 2015, CEVA implemented its new operating model, announced in late 2014, eliminating region-based structures globally, and moving to an innovative structure that supports CEVA's global Business Lines with 17 local geographic clusters of countries featuring uniform governance and business rules.

The new model increases the responsibility of local leadership – those who are closest to the market and to the customer – allowing for faster decision-making in support of our customers and greater agility and responsiveness to emerging and established market opportunities. It also enables the Company to quickly identify and invest in new capabilities to better serve our customers and differentiate from the competition. The transformation is expected to generate annual savings of $50 million to $60 million with a one-time cost of approximately $30 million that has been booked as a specific item.

More News

Written on 21/07/2017, 17:15
turkish-cargo-supports-perishables-exportersISTANBUL: July 21, 2017. Phuket has become Turkish Airlines 300th destination with the launch of a four times weekly passenger service plus A330 freighter...
Written on 21/07/2017, 15:14
united-cargo-increases-revenueCHICAGO: July 18, 2017. United Airlines has reported a 39.1 percent increase in net profit to US$818 million for the second quarter 2017 on a 6.4 percent...
Written on 19/07/2017, 21:52
dhl-vietnam-delivery-goes-electricHO CHI MINH City, Vietnam: July 17, 2017. DHL eCommerce has launched a nationwide domestic delivery operation including the use of electric motorbikes for...
Written on 18/07/2017, 20:18
bahri-and-bollore-build-a-businessRIYADH: July 18, 2017. The National Shipping Company of Saudi Arabia (Bahri) is setting up a joint venture with Group Bolloré to provide end-to-end...
Written on 18/07/2017, 16:22
seatrade-and-cma-cgm-to-launch-reefer-serviceMARSEILLE/ANTWERP: July 17, 2017. CMA CGM and ocean reefer specialist Seatrade are to begin a vessel-sharing agreement for perishables in October...
Written on 17/07/2017, 13:12
freightweek-news-update-week-29BASEL: July 20, 2017. Panalpina has reported a consolidated a net profit of CHF29.9 million for the first half of 2017 on net forwarding revenue of CHF2.6...
Written on 14/07/2017, 19:37
successful-first-test-for-hyperloop-oneNEW YORK, July 12, 2017 Hyperloop One has completed the first test of its vacuum transport system with a vehicle coasting for 5.3 seconds using magnetic...
Written on 13/07/2017, 20:12
istanbul-new-airport-signs-250-million-cargo-contractsISTANBUL: July 12, 2017. İstanbul New Airport has signed 25-year leases valued at €250 million with six cargo operators. MNG, PTT, Çelebi Ground...
Written on 11/07/2017, 21:40
turkish-airlines-continues-support-for-new-albania-airlineISTANBUL: JULY 10, 2017. M. İlker Ayci, chairman of Turkish Airlines, said the expected downsizing of Italian airline services to Albania creates a "high...
Written on 11/07/2017, 20:22
freightweek-news-update-week-28AMSTERDAM: July 14, 2017. SkyTeam, the global airline alliance, has appointed Nico Van der Linden as vice president Cargo from July 01, 2017. Read...
Written on 11/07/2017, 19:53
expanding-pharma-future-for-amerijetFORT LAUDERDALE, FL: July 11, 2017. Amerijet International has announced it is the first U.S. all-cargo airline to earn IATA's CEIV- Pharma...
Written on 10/07/2017, 22:46
rembrandt-returns-from-russiaAMSTERDAM: July 10, 2017. KLM Cargo is to deliver 63 Dutch Masters, including six Rembrandts, from the State Hermitage Museum in St Petersburg to the...
Written on 10/07/2017, 22:01
delta-creates-certified-pharma-networkATLANTA: July 10, 2017. Delta Cargo has become the first U.S. major carrier to be awarded IATA's Center of Excellence for Independent Validators (CEIV)...
Written on 09/07/2017, 22:24
cosco-shipping-buys-orient-overseasSHANGHAI/HONG KONG: July 09, 2017. COSCO Shipping Holdings and the Shanghai International Port Group (SIPG) are to acquire Orient Overseas International...
Written on 06/07/2017, 22:21
swiss-link-germany-to-belgium-and-hollandFRENKENDORF, Switzerland: July 06, 2017. Container handling and logistics company Swissterminal has begun a new Swisstrain box service to the Port of...
Written on 06/07/2017, 21:21
tnt-makes-progress-in-petya-recoveryMEMPHIS: July 06, 2017. FedEx reports most services from its TNT subsidiary are now available with all depots, hubs and facilities open, operational and...
Written on 05/07/2017, 22:35
luxembourg-says-it-with-flowers-hola-quitoQUITO, Ecuador: July 05, 2017. Cargolux Airlines has added Quito to a four-times a week roundtrip B747 freighter service that links Luxembourg, Curitiba...
Written on 05/07/2017, 21:14
cma-cgm-cuts-debt-with-sale-of-los-angeles-terminalMARSEILLE: July 03, 2017. CMA CGM is selling a 90 percent stake in its Global Gateway South (GGS) terminal at the Port of Los Angeles to EQT...
Written on 03/07/2017, 17:04
freightweek-news-update-week-27QINGDAO, China: July 06, 2017. Parallel car importer Shandong High Speed Qingdao West Coastport Co. Ltd. has appointed GAC China to handle the upstream...
Written on 30/06/2017, 19:59
maersk-restoring-network-after-petya-attackCOPENHAGEN: June 30, 2017. A.P. Møller-Maersk reports "great progress" in restoring its IT infrastructure following the 'Petya' ransomware cyber attack on...

- powered by Quickchilli.com -