CEVA announces preliminary 2018 results

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CEVA has announced preliminary financial results for 2018. In its full results, which the company will release at the end of February, CEVA expects to report revenues of approximately $7,356m, which would represent a 5.2% increase against the previous year. Freight Management growth is expected to be 7.3%, with Contract Logistics turnover growing by 3.3%.

It expects adjusted EBITDA to fall from $280m to $260m. This number includes $62m representing CEVA’s share of 50% from the Chinese JV Anji CEVA. The company stated various one-time impacts had dampened profitability, including previously stated contract logistics issues in Italy, and a chance in accounting practices in the Freight Management division.

The company’s net debt, which was cited as a reason for its IPO earlier in the year, has fallen 43% to $1,190m.

In its press release, CEVA stated, “The Company’s underlying business has continued to perform in line with expectations in both freight management and contract logistics, albeit various one-time items have significantly impacted profitability in the third and the fourth quarters of the year. In the meantime, new business performance has remained promising with a strong pipeline of new customers as well as new opportunities with existing customers in both Freight Management and Contract Logistics as a positive consequence of the IPO.”

Source: CEVA Logistics