Ceva Logistics Reports Higher First-Quarter Earnings
Ceva Logistics, a Netherlands-based logistics operator, said its first-quarter results improved over 2013.
Earnings before interest, taxes, depreciation and amortization rose 7.5% to $43 million, driven by strong performance in its contract logistics business unit, Ceva said.
Revenue declined 8.9% to $1.86 billion at the privately held firm, which did not release results that included the effects of taxes, interest, depreciation and amortization.
First-quarter results were hurt by weakness in the freight management division, where revenues declined 11.5% compared with the same time last year. Lower volumes and margin pressure out of Asia were cited as reasons.
“I am pleased to report we had our strongest quarter in nearly two years for new business wins, showing particular strength in freight management as we exited the quarter. While revenue from these wins won’t be reflected until subsequent quarters, it shows positive momentum in the business,” said Xavier Urbain, who took over as CEO in January.
Ceva ranks No. 4 on the Transport Topics Top 50 list of the largest logistics companies in the United States, Canada and Mexico.
