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 22/08/2017, 21:25
ocean-carriers-invest-in-new-york-exchangeNEW YORK, NY: August 21, 2017. Hapag-Lloyd and CMA-CGM has joined with GE Ventures and Goldman Sachs to invest US$13 million in the New York Shipping...
Written on 22/08/2017, 20:19
huge-revenue-increase-for-turkish-cargoISTANBUL: August 22, 2017. Turkish Airlines has reported cargo revenue of US$580 million for the first six months of 2017 (H1) – a rise of 25 percent...
Written on 22/08/2017, 19:15
freightweek-news-update-week-34DOHA: August 23, 2017. Qatar Airways Cargo has signed an agreement with DoKaSch Temperature Solutions to offer its Opticooler® range of...
Written on 22/08/2017, 16:07
hawaii-shippers-to-have-third-liner-serviceHonolulu, HI: August 21, 2017. Tote Maritime, part of the Alaska-based Saltchuck logistics group, is to launch a new ocean service to Hawaii from the U.S....
Written on 18/08/2017, 20:38
cyber-attack-to-hit-a-p-moller-maersk-third-quarterCOPENHAGEN: August 16, 2017. A.P. Moller-Maersk says the 'Not Petya' cyber attack that hit Maersk Line, APM Terminals and Damco at the end of June is...
Written on 18/08/2017, 15:55
new-amazon-fulfillment-center-at-sacramento-air-parkSACRAMENTO, CA: August 17, 2017. Amazon is putting the finishing touches to an 855,000 square feet, four-story fulfillment center at Sacramento...
Written on 17/08/2017, 21:45
nippon-express-signs-kazakhstan-mouASTANA, Kazakhstan: August 16, 2017. Nippon Express has signed an MoU with Kazakhstan's railway company Kazakhstan Temir Zholy (KTZ) to develop container...
Written on 16/08/2017, 22:16
descartes-acquires-macropoint-and-new-shareholderWATERLOO, ON: August 16, 2017. Descartes Systems Group is to acquire Cleveland, OH-based transport visibility network MacroPoint for US$107...
Written on 16/08/2017, 21:45
jebel-ali-ftz-gains-us-80-billionDUBAI: August 14, 2017. Jebel Ali Free Zone (Jafza) increased the value of its non-oil foreign trade by US$80.2 billion in 2016 with volumes rising 17...
Written on 16/08/2017, 20:46
wincanton-to-operate-from-dp-world-london-gatewayLONDON: August 16, 2017. Wincanton, one Britain's largest logistics companies, is to establish a truck base at DP World London Gateway's logistics park...
Written on 16/08/2017, 20:03
freightweek-news-update-week-33FRANKFURT: August 18, 2017. Jettainer is now offering short-notice, short-term leases on its range of horse boxes. Read more: horsebox.pdf HAMBURG:...
Written on 15/08/2017, 23:01
swiss-worldcargo-reorganizes-the-americasZURICH: August 15, 2017. The air cargo division of SWISS is to reduce its American organization from three to two regions effective October 01 covering...
Written on 10/08/2017, 14:58
zeaborn-now-owns-six-rickmers-line-shipsBREMEN/HAMBURG: August 07, 2017. The Zeaborn Group has acquired five 30,000dwt 'Superflex Heavy Lift' vessels from Rickmers Holding. The purchase price...
Written on 09/08/2017, 21:06
qatar-lifts-visa-requirement-for-latam-marketDOHA: August 09, 2017. Qatar Airways has introduced visa-free entry for citizens from 80 countries with those from the EU, Switzerland and Turkey allowed...
Written on 09/08/2017, 16:48
freightweek-news-update-week-32LONDON, Heathrow: August 12, 2017. To celebrate World Elephant Day and help stop illegal trade of wildlife, Heathrow has installed a pop-up interactive...
Written on 08/08/2017, 21:57
another-record-ebit-for-deutsche-post-dhlBONN: August 08, 2017. Deutsche Post DHL (DPDHL) has reported a 4.7 percent increase in net profit to €1.18 billion on a 5.8 percent rise in revenue to...
Written on 07/08/2017, 21:23
amazon-operator-atsg-to-add-a321-freighter-conversionsBEAVERTON, OR/WILMINGTON, OH: August 07, 2017. Conversion specialist Precision Aircraft Solutions (PAS) and Air Transport Services Group (ATSG) have...
Written on 03/08/2017, 20:14
cargo-still-challenging-despite-turnaround-says-lufthansaFRANKFURT: August 03, 2017. The Lufthansa Group has reported a 99 percent rise in pre-tax profit to €1.03 billion on a 12.7 percent increase in revenue to...
Written on 02/08/2017, 20:19
hong-kong-air-cargo-leases-atlasPURCHASE, NY: August 02, 2017. Atlas Air Worldwide Holdings (AAWH) has leased three B747-400 freighters under an ACMI contract beginning in September 2017...
Written on 02/08/2017, 19:27
dunkerque-to-power-brittany-ferriesDUNKERQUE: August 01, 2017. A month after signing an agreement to develop an LNG station to supply tank trucks, Dunkerque LNG and Total Marine Fuels...

- powered by Quickchilli.com -