Joseph Bonney, Senior Editor | Aug 02, 2012 11:54AM EDT
CEVA Logistics said its adjusted earnings before interest, taxes, depreciation and amortization fell 13.6 percent to 70 million euros ($85 million) in the second quarter. Revenue rose 5.5 percent to $2.2 billion.
“This was a difficult quarter, characterized by flat markets and customer caution, “ said CEO John Pattullo. He said trans-Pacific volume and southern Europe’s weak economy remain concerns and that the company will step up its cost-cutting.
He said freight management revenue rose 9 percent, largely due to growth in ocean freight, particularly out of Asia. Contract logistics revenue increased 3 percent, affected by the economic slump, particularly in southern Europe.
CEVA is a non-asset-based supply chain management company based in the Netherlands.
The company strengthened its balance sheet with a first quarter refinancing that lowered interest costs.
Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter @josephbonney.
