CEVA revenues down 4.6% in Q1

The third-party logistics provider had revenues of $1.78 billion in first quarter 2015.    CEVA Holdings LLC saw revenues fall 4.8 percent to $1.78 billion in the first quarter of 2015 compared with the first quarter of 2014, according to the company’s most recent financial statements. Revenues were up 4.6 percent on a constant currency basis.
   The non‐asset based supply chain management company increased adjusted earnings before interest, taxes, debt and amortization (EBITDA) 18.6 percent to $51 million for the quarter. On a constant currency basis, EBITDA was up 23.3 percent year-over-year.
   Freight management revenue was up 6.1 percent in constant currency with airfreight volumes increasing 5.2 percent and ocean freight up 5 percent compared to the first quarter of 2014.
   During the first quarter, CEVA’s freight management and contract logistics new business pipelines grew 55 percent and 15 percent year-over-year, respectively.
   CEVA said its “strong performance in the first quarter against significant exchange rate fluctuations reflects the execution of the company’s change program that was developed and implemented during 2014.”
   “The decision to move to a Business Line/Cluster operating model has energized the company,” CEO Xavier Urbain said in a statement. “We are seeing the visible impact of the operational improvements, ongoing streamlining of processes and greater responsiveness to our customers’ needs enabled by the new operating model. Our customers are responding favorably, as demonstrated by our first quarter performance.”