Ceva reports 33% drop in Q3 earnings

Earnings for the world’s fourth-largest supply chain provider dropped by a third in the third quarter. Netherlands-based Ceva Logistics reported US$101.3 million in earnings, down 33 per cent from the third quarter of last year, and $1.5 million less than the previous quarter. The company’s revenue declined by nearly16 per cent to about $2 billion. […]


Earnings for the world’s fourth-largest supply chain provider dropped by a third in the third quarter. Netherlands-based Ceva Logistics reported US$101.3 million in earnings, down 33 per cent from the third quarter of last year, and $1.5 million less than the previous quarter. The company’s revenue declined by nearly16 per cent to about $2 billion.

“We continue to build our capabilities and are making positive headway,” said John Pattullo, Ceva Logistics CEO, in a news release. “This progress will allow us to continue to grow our business and build on these results in 2010.”

“The first nine months of 2009, have been an abnormal period for CEVA and others in the industry,” he continued. “Linked to the external economic situation our results have continued to be impacted by reduced volumes and a deflated airfreight market. The improvements we started to see in quarter two have continued. Although volumes in the airfreight industry have improved, the industry has been subjected to significant rate increases, which has offset these increases in volumes. We have also seen increases in ocean freight volumes and across our automotive, consumer and retail segments.”