CEVA Logistics reported a loss of 72 million euros ($88.5 million) in the second quarter of 2012, compared to a loss of 41 million euros in the same 2011 period.
CEVA said it had revenue of 1.81 billion euros in the second quarter, 5.5 percent more than the 1.71 billion euros in the same 2011 period. Freight management revenues in the second quarter were 843 million euros, 9 percent more than in the same 2011 period, largely due to strong growth in the company’s ocean freight business, particularly out of Asia. Contract logistics revenues were 965 million euros, up 3 percent from the second quarter of 2011.
The company said total adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was 70 million euros in the second quarter of 2012, compared to 81 million euros in the second quarter of 2011 with improvements in Asia offset by weakness in Southern Europe and Americas.
Chief Executive Officer John Pattullo said “This was a difficult quarter, characterized by flat markets and customer caution, partially offset by our efficiency programs, global footprint and robust business model.
“Transpacific volume and weakness in Southern Europe remain a concern,” he added. “As a result, we have introduced an even more rigorous approach to cost management to support delivery of our strategic plan.” – Chris Dupin
CEVA says results reflect ‘difficult quarter’
