CEVA’s Q3 revenues and adjusted EBITDA grew 5.4% and 14.7% respectively on a constant currency basis. For the year-to-date, this meant corresponding growth of 5.6% and 11.3%.
Freight Management revenues were up 10.5% in Q3 to $840m. Its air product produced volume growth of 11.8%. CEVA acknowledged it had been a volatile market for air freight in the quarter. Adjusted EBITDA fell slightly to $26m.
Contract Logistics revenues grew 2.5% to $942m. CEVA had new business wins in the consumer & retail, e-commerce and industrial sectors. Adjusted EBITDA grew 13.2% to $43m. It said this was due to productivity improvement on key contracts.
Xavier Urbain, CEO of CEVA, said, “We have been able to offset ongoing market volatility in air and ocean freight. Our procurement and pricing strategy has enabled us to protect yields sequentially. Contract logistics continues to grow and delivers improved results through focused action on contracts. CEVA is on track to deliver a stronger result in 2017. The transformation we have embarked on is positioning CEVA as a strong player for the future.”
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