Mark Szakonyi | Aug 15, 2011 2:47PM EDT
CEVA Logistics’ profit rose 24.6 percent to $115 million from the same period a year ago, as increased freight management business offset softening freight volumes.
Gross revenue fell 1.8 percent to $2.5 billion within the same period, largely because of fluctuating exchange rates. Revenue increased 6.8 percent and profit grew 34.2 percent when excluding currency changes.
Compared with the first quarter, the Netherlands-based logistics operator's profit rose by $13 million and its revenue grew by about $800,000.
“Our new business performance in the period has been excellent with significant wins and contract extensions,” said CEO John Pattullo.
He said the company gained $1.4 billion in business in the first half of the year.
CEVA’s profit grew 29.9 percent to $217 million in the first half of the year, compared to the same period a year ago. Its revenue grew 5.2 percent to $4.9 billion within the same period.
The company increased its freight management business 17 percent year-over-year, with new business contracts in all regions and particularly in the technology, automotive and energy sectors. CEVA said its contract logistics business grew 9 percent at constant exchange rates within the same period.
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