Joseph Bonney, senior editor | May 08, 2012 10:36AM EDT
CEVA Logistics, which has filed for an initial stock offering, said its first quarter revenue rose 2 percent but earnings before interest, taxes, depreciation and amortization fell 7 percent from a year earlier.
The company reported adjusted EBITDA of 66 million euros ($86 million) on revenue of $2.3 billion. At constant exchange rates, adjusted EBITDA fell 11 percent while revenue declined 1 percent.
CEO John Pattullo said CEVA’s ocean business performed well, and contract logistics made “solid gains driven by excellent performance from the automotive and industrial sectors. The air freight market continues to be challenging, with CEVA’s performance mirroring that of many of our competitors.”
CEVA, majority owned by Apollo Global Management LLC, told the Securities and Exchange Commission last week it plans to raise up to $400 million in an initial public offering listed on the New York Stock Exchange.
The filing did not reveal how many shares the company or stockholders planned to sell or their expected price.
Apollo holds a 91.3 percent stake in CEVA. Apollo purchased the logistics division of TNT NV, the predecessor of Dutch global express company TNT Express, in 2006 for $1.9 billion and renamed it CEVA. In 2007, Ceva bought Houston-based freight management group EGL Inc for $2 billion.
Last year, CEVA posted a net loss of $358 million on revenue of $9.6 million. The company has been paring its debt, which totaled $3.08 billion after a debt-to-equity swap in February.
Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter at @JosephBonney.