Ceva’s First-Quarter Loss Widens

Ceva Group Plc said it lost 14.9 million euros (about $20 million) in the first quarter, compared with a loss of 7.7 million euros ($10.4 million) a year earlier.

Ceva Group, which is the parent firm of Ceva Logistics, Jacksonville, Fla., said the higher loss occurred because of an increase in interest expenses associated with Ceva Group’s spin-off from TNT NV last year.

First-quarter operating income rose to 15.5 million euros (about $20.9 million), from 15 million euros ($20.2 million) a year earlier.

Revenue was "stable" at 861.6 million euros ($1.16 billion), Netherlands-based Ceva said in a statement.

John Pattullo will become Ceva’s chief executive officer in August, and current CEO Dave Kulik will become vice chairman, the company said.

Ceva, formerly TNT Logistics North America, was purchased by private equity firm Apollo Management last year and is ranked No. 12 on the TT Logistics 50 listing of U.S. and Canadian logistics firms.

Ceva made a successful $2 billion bid last week to buy transportation firm EGL Inc., which is ranked No. 11 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.