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

Q2 improvement for Ceva Logistics

PRESS RELEASE

August 05, 2014 – CEVA Holdings LLC, one of the world's leading non‐asset based supply chain management companies, today reported results for the three months ended 30 June 2014.

Xavier Urbain, CEO of CEVA, said, "Our performance improvement coupled with the strong increase in our new business pipeline points to the company being on the right track for growth. Since joining CEVA in January, I have focused on strengthening the executive management team, expanding our current talent base with additional industry experience to drive forward our strategy, building revenue and improving operational efficiency for the benefit of our customers. The numbers show we are gaining traction and are positioned well to make further progress in the future.

"I am especially pleased with the progress made in rebuilding the leadership team, particularly the new additions. They know the industry and our customers. This allowed them to hit the ground running and make immediate contributions. Volume trends as we exited the quarter were encouraging and I am looking for even more from the entire team in the near future."

Revenue of $1,978 million declined 4.2% in the second quarter compared to $2,064 million for the same period a year earlier, driven by the prior year's successful recapitalization, and termination of lower margin business.

Second quarter revenues were up 6.1% sequentially compared to the first quarter. Airfreight and Oceanfreight reported export volumes up both sequentially and year-on-year. Oceanfreight volumes were up 7% from the prior year, evidencing the company's early success in the 2014 tender season and well above industry growth. Airfreight volumes increased 1% from the prior year, strengthening as we exited the quarter, with three week rolling volumes up 4% in June.

For the second quarter, adjusted EBITDA of $60 million was 40% ahead of the previous quarter, and adjusted EBITDA as a percentage of revenue improved from 2.3% to 3.0%, reflecting continuing strength in Contract Logistics and the termination of lower margin business. EBITDA came in 25% lower than in the same period a year earlier as Freight Management revenues were impacted by lower rates in the market. CEVA, however, was able to maintain net revenue margins versus the prior year.

The company's new business wins were up 31% over the prior year, increasing to $763 million, compared to $582 million for the same period in 2013. CEVA's investment in its tender management, trade lane management and field sales force each contributed to the improved level of wins in the quarter. CEVA is accelerating plans to improve productivity and on a like-for-like basis, and expects more than 5% cost reductions in the second half of the year.

More News

Written on 25/09/2017, 22:32
qatar-airways-takes-delivery-of-first-b747-8-freighterEVERETT, WA.: September 25, 2017. Qatar Airways has taken delivery of its first B747-8 freighter and ordered two more plus four B777-300ERs for a total...
Written on 22/09/2017, 21:44
dhl-begins-annual-volunteer-seasonBONN: September 20, 2017. Deutsche Post DHL has begun its seventh annual global 'Volunteer Day' program that ends on October 01 to encourage its more than...
Written on 21/09/2017, 18:41
freightweek-news-update-week-38LE HAVRE: September 22, 2017. Bolloré Logistics has opened a second multimodal hub at the Pont de Normandie to manage logistics flows throughout France's...
Written on 21/09/2017, 18:20
1-77-trillion-added-value-in-iot-logistics-by-2025BONN/SHANGHAI: September 20, 2017. DHL Supply Chain has introduced a trial Narrowband Internet of Things (NB-IoT) application to improve yard management...
Written on 21/09/2017, 18:10
first-efl-charter-to-columbus-from-colomboCOLOMBO, Sri Lanka: September 20, 2017. Fashion forwarder Expo Freight has shipped 100 tonnes of garments for Ohio-based retailer L Brands on a Qatar...
Written on 21/09/2017, 18:08
geodis-delivers-massive-power-projectDEL SUR, Bolivia: September 20, 2017. Geodis is in the process of delivering 14 industrial gas turbines, 11 steam turbines and additional Siemens...
Written on 21/09/2017, 17:59
new-silk-way-rail-linkHONG KONG: September 20, 2017. Tigers, a supply chain management company, has launched 'Tiger Rail' with a 16-day transit time to and from Duisburg,...
Written on 16/09/2017, 03:41
cma-cgm-reports-us-472-million-q2-ebitMARSEILLE: September 15, 2017. CMA CGM has reported a 56.8 percent increase in second quarter 2017 revenue to US$5.55 billion and a net income of US$219...
Written on 14/09/2017, 19:01
brucargo-plans-multimodal-cloud-with-nxtportANTWERP/BRUSSELS: September 14, 2017. Data platform NxtPort and Air Cargo Belgium's BRUcargo cloud-based community have signed an MoU to develop a digital...
Written on 13/09/2017, 22:03
kuehne-nagel-launches-lithium-battery-logisticsSCHINDELLEGI, Switzerland: September 13, 2017. Kuehne + Nagel has launched 'KN Battery Chain' – a supply chain solution for shipping large lithium...
Written on 13/09/2017, 16:36
cargo-re-starts-at-miaMIAMI: September 13, 2017. Miami International Airport expects a return to normal flight operations by the weekend of September 16/17 following Hurricane...
Written on 12/09/2017, 21:07
wisetech-acquires-air-and-ocean-rate-managementSYDNEY: September 12, 2017. Logistics software group WiseTech Global has acquired two rate management companies: Netherlands-based Cargoguide covering the...
Written on 12/09/2017, 20:05
40-million-investment-for-dunkerqueDUNKERQUE: September 12, 2017. The Dunkerque Multibulk Terminal (DMT) is investing €40 million over the next two years to produce construction materials...
Written on 12/09/2017, 19:13
rickmers-group-thrown-a-lifebeltHAMBURG: September 11, 2017. The Zeaborn Group and Hamburg shipowner Bertram Rickmers are to acquire the Rickmers Group's global ship management business,...
Written on 11/09/2017, 20:50
freightweek-news-update-week-37FELIXSTOWE, UK: September 15, 2017. Construction company VolkerFitzpatrick has won a contract at the Port of Felixstowe to design and construct 13...
Written on 11/09/2017, 15:16
danes-sell-belgium-terminal-to-chinaTHE HAGUE: September 11, 2017. APM Terminals, part of the A.P. Moller - Maersk Group, is to sell its 76 percent ownership of Belgium's second largest...
Written on 08/09/2017, 18:42
hna-to-spend-another-us-1-billion-on-logisticsSINGAPORE: September 07, 2017. HNA Belt and Road Investments Singapore, a subsidiary of HNA Holding Group (HK Group), has made an unsolicited offer of...
Written on 07/09/2017, 21:21
american-cancels-flights-ahead-of-irmaDALLAS/FORT WORTH: September 07, 2017. American Airlines (AA) has canceled 2,405 flights between today and September 11 as a result of Hurricane Irma, due...
Written on 07/09/2017, 19:39
china-merchants-acquires-brazil-container-terminalXIAMEN, China: September 04, 2017. China Merchants Port Holdings (CMPort), owned by China's state-owned Assets Supervision and Administration Commission...
Written on 06/09/2017, 14:08
freightweek-news-update-week-36NEW JERSEY, September 07, 2017. The 14,400 TEU capacity CMA CGM Theodore Roosevelt has became the largest container ship to pass under the raised Bayonne...

- powered by Quickchilli.com -