CEVA announces preliminary 2018 results


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