CEVA announces Q1 revenues of $1.6bn

CEVA Logistics has announced that it will be operating full contract logistics operations for Under Armour in the UK, Oxfordshire.

CEVA has announced what it called a “robust first quarter” of 2017. Revenues were up 1.9% year-over-year to $1,596m. On a constant currency basis, they pointed out that this represented a 5.0% increase. Adjusted EBITDA was down approximately 1.8% to $54m. On a constant currency basis, this would have represented an increase of 3.6%. These results led to a loss for the period of $46m.

The freight management segment saw revenues grow 3.2% to $702m. Volumes were up 9% and 6% year-over-year in air freight and sea freight respectively. CEVA said that its margins in this segment were under pressure from rate increases in the market, but that it was able to maintain EBITDA.

In its contract logistics segment, revenues were up 0.9% year-over-year. EBITDA before specific items in this segment dropped 2.9%.

Xavier Urbain, CEO of CEVA said of the results, “2017 has begun positively, with volume, revenue and profit growth. We have recently achieved a number of important new business wins, notably in Contract Logistics, which we expect to have positive effects in the coming months.”

Source: CEVA