Third-party logistics provider CEVA Holdings narrowed its loss to $22 million from a loss of $41 million for the third quarter of 2016 thanks to a sharp boost in operating income coupled with the positive impact of unrealized foreign exchange gain.
CEVA Holdings LLC posted revenues of $1.78 billion for the third quarter of 2017, up 6.1 percent from the third quarter of 2016.
CEVA Holdings LLC, a non-asset based supply chain management company headquartered in Hoofddorp, the Netherlands, experienced a loss of $22 million for the third quarter of 2017, a sharp improvement from a loss of $41 million for the third quarter of 2016, thanks to an improvement in operating income and the positive impact of unrealized foreign exchange gain.
Operating income totaled $22 million for the quarter, an increase of 57.1 percent year-over-year, the company’s latest financial statements revealed.
Revenues for the quarter reached $1.78 billion, up 6.1 percent from last year’s third quarter, with revenues growth in both the freight management and contract logistics segments.
The freight management segment recorded revenues of $840 million for the quarter, an increase of 10.5 percent year-over-year. The segment maintained volumes growth for its air product at 11.8 percent, while ocean freight saw organic growth of 2.8 percent.
Meanwhile, the contract logistics segment’s revenues totaled $942 million for the quarter, inching up 2.5 percent year-over-year. CEVA said that during the quarter, the segment had a number of new business wins, notably in the consumer and retail, e-commerce and industrial sectors.