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 24/05/2017, 21:40
edelweiss-supported-by-swiss-worldcargoZURICH: May 24, 2017. Edelweiss, the leisure travel subsidiary of Swiss International Air Lines (SWISS), has acquired a second A340-300 from its parent to...
Written on 24/05/2017, 19:10
agility-settles-criminal-case-with-u-s-governmentKUWAIT CITY: May 24, 2017. Agility is to pay a US$551.00 to settle a criminal case relating to its U.S. government food-supply contracts between 2003 and...
Written on 24/05/2017, 17:10
ek-gives-vietnam-a-liftDUBAI: May 23, 2017. Emirates SkyCargo says there's been a "near five-fold" increase in fruit exports from Vietnam to Dubai in the past year. Vietnam's...
Written on 23/05/2017, 22:42
new-box-service-links-the-americasMARSEILLE: May 23, 2017. CMA CGM has launched a weekly 'AZTECA' box service in collaboration with Hamburg Süd to link the west coasts of the United...
Written on 23/05/2017, 20:01
freightweek-news-may-22-26-2017AKAGERA, Rwanda: May 25, 2017. Ten years after the black rhino disappeared from Rwanda following decades of poaching, 19 animals have now taken up...
Written on 19/05/2017, 22:01
apl-makes-a-profit-for-cma-cgmMARSEILLE: May 19, 2017. CMA CGM has reported a 35.9 percent year-on-year increase in Q1 2017 revenue to US$4.62 billion. The result includes APL figures...
Written on 19/05/2017, 17:41
no-more-need-for-sia-cargoSINGAPORE: May 19, 2017. The Singapore Airlines Group (SIA) has reported a 55.2 percent drop in net profit to S$360.4 million for its 2016/17 financial...
Written on 19/05/2017, 15:01
kalitta-adds-b747-and-b737-freighter-capacityYPSILANTI, MI: May 18, 2017. Air cargo operator Kalitta Air has taken delivery of the first of two leased 747-400F factory-built freighters from GE...
Written on 18/05/2017, 20:24
air-cargo-boom-for-garudaJAKARTA: May 17, 2017. Garuda International has reported a 19.5 percent increase in Q1 2017 cargo revenue to US$56.2 million. Despite a 6.2 percent rise...
Written on 16/05/2017, 15:55
oman-air-signs-sales-agreement-with-globe-air-cargoMUSCAT: May 16, 2017. Following its participation at transport logistic last week, Oman Air Cargo has announced Globe Air Cargo, an ECS Group subsidiary,...
Written on 15/05/2017, 23:20
freightweek-news-may-15-19-2017BIRMINGHAM, UK: May 18, 2017. Emirates SkyCargo has operated a B777 freighter from Birmingham airport in the UK to Chicago as part of a new bespoke...
Written on 15/05/2017, 20:19
saudia-cargo-part-of-record-showcase-at-transport-logisticMUNICH, GERMANY, May 15, 2017: During transport logistic 2017 last week, Saudia Cargo celebrated "Saudi Nights' - an age-old Bedouin tradition "created...
Written on 11/05/2017, 19:09
klm-and-cargonaut-test-smart-data-checkerMUNICH: May 10, 2017. A new smart technology compliance checker developed by Cargonaut to detect data errors in airwaybills is proving successful,...
Written on 11/05/2017, 17:16
maersk-back-on-the-growth-curveCOPENHAGEN: A.P. Møller - Mærsk has reported a Q1 net profit of US$253 million on a five percent increase in year-on-year revenue to US$8.96...
Written on 11/05/2017, 16:21
emirates-group-optimistic-as-profit-fallDUBAI: May 11, 2017. Emirates Group has reported a net profit of US$670 million on revenue of US$25.8 billion for its 2016/2017 fiscal period – a...
Written on 10/05/2017, 19:18
dnata-buys-cold-store-airlogistixDUBAI: May 10, 2017. dnata is to acquire perishables cargo handler AirLogistix USA based at George Bush Intercontinental Airport, Houston. The company's...
Written on 10/05/2017, 17:36
more-flights-capacity-and-hub-services-from-qatar-cargoDOHA: May 10. 2017. Qatar Airways Cargo is to begin a weekly A330 freighter service to London Heathrow on June 03 this year, in addition to its London...
Written on 08/05/2017, 21:38
dhl-opens-stuttgart-rail-centerBONN: May 08, 2017. DHL Global Forwarding has opened a rail competence center in Stuttgart to coordinate its growing rail business between Germany and...
Written on 08/05/2017, 18:57
freightweek-news-from-transport-logistic MUNICH: May 12, 2017. transport logistic reported record attendance this week - over 2,100 exhibitors from 62 countries and 60,000 visitors from...
Written on 05/05/2017, 15:45
atlas-air-off-to-an-exciting-start-in-2017PURCHASE, NY: May 03, 2017. Atlas Air Worldwide Holdings (AAWH) has reported a net loss of US$752,000 on revenue of US$475.4 million for Q1 2017....

- powered by Quickchilli.com -