CEVA profits stay strong despite soft market

Logistics firm CEVA says it maintained profitability in the first quarter of 2016 despite “market headwinds” that continue to affect all industry players.

Excluding currency factors, revenue dropped 5.3% from $1.7bn in first quarter 2015 to $1.6bn during the same period this year as a result of rate decreases.

Earnings were up 15.7% in constant currency terms, at $55m, as opposed to $51m, said the Netherlands-based firm.

Despite the soft market, airfreight volumes increased 1.5% year on year, despite the very strong first quarter in 2015 when air volume was boosted by US west coast port congestion.
A stronger field sales focus led to a number of wins with small to medium-sized enterprises, including on trade lanes from Europe to Asia or Latin America to Europe.
Ocean volume was also up 1% in the first quarter compared with 2015.
Freight Management earnings were $10m, a year-on-year increase of 57.1% in constant currency, supported by strong activity to or from China.
Contract Logistics earnings, at $36 million, were up 11.4% in constant currency terms.

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