CEVA’s revenue up 22%, earnings up 18%
New business wins delivered revenues of €451 million in the second quarter for CEVA, helping the company to achieve a 30% increase in revenue. For the first half of this year, CEVA’s revenue increased by 22% to €3.23 billion (H1 2009: €2.64bn), and EBITDA was up 18% to €117 million (H1 2009: €99m). For the second quarter, revenue was up 30% to €1.74 billion (H1 2009: €1.34bn), although EBITDA dropped 6% to €65 million (Q2 2009: €69m). According to CEO John Pattullo, second quarter results were impacted by FM margin compression and one-time contract logistics start-up costs. Second quarter revenue growth was driven by strong freight volumes, particularly in the Americas and Asia Pacific regions. In Contract Logistics, growth was achieved through increased volumes in the strategically important automotive, consumer & retail and technology sectors. Second quarter new business wins contributed €451 million to the group’s revenue, driven by growth in the consumer & retail and energy sectors and continued improvement in the automotive market. In markets that are only just returning to the pre-Q4 2008 levels, CEVA has proceeded cautiously but with encouraging results in its key strategic areas. The company has taken steps to prepare the business for future growth, and has already seen good progress from these initiatives. Consequently, the company believes it is entering the second half of the year in a good position to benefit from increasing confidence and continuing recovery in its markets. Quelle: eyefortransport |
