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"Robust" CEVA reports EBITDA increase

HOOFDDORP, Netherlands: CEVA Holdings has reported revenue of US$1.7 billion for Q3 ending September 30, 2015 – a drop of 2.4 percent over the same period last year - and an adjusted EBITDA of US$80 million, an increase of 38.1 percent from 2014.

"CEVA's new operating model continues to pay off," said Xavier Urbain, CEO of CEVA. "Despite overall industry headwinds, our performance in the third quarter was robust and we continue to defend our position in a generally soft market. Our focus on process and product improvement for all business lines has allowed us to increase profitability in spite of difficult industry volume evolution.

"Our Air & Ocean business lines now have the right organizational structures in place allowing them to take advantage of a better aligned procurement approach. Additionally, our focus on quality trade lanes and those where we have a strong presence allowed us to gain share on key routes. CEVA was also able to create opportunities with major customers across all of our customer segments: small medium-sized enterprises, multinational companies and global key accounts."

The company's freight management division continued to deliver strong EBITDA performance in Q3, up 125 percent year-over-year in constant currency. Global demand for freight transportation has declined due to headwinds from the Air and Ocean freight market. Consequently, Airfreight volumes declined 4.0 percent year-over-year and Ocean freight volumes declined 5.7 percent year-on-year.

Contract Logistics maintained industry-leading Adjusted EBITDA margins of 6.2 percent in Q3, up from 5.5 percent in the previous quarter, driven by effective space management and improved productivity. Contract Logistics revenue is flat like-for-like, year-over-year in constant currency.

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