CEVA profit soars on new business model
LONDON — CEVA’s second-quarter earnings surged 25 percent as it continued to reap the benefits of a new business model and maintained ocean and air freight volumes in the face of uneven global demand.
The Netherlands-based supply chain management company booked adjusted earnings before interest, tax, depreciation and amortization of $75 million in the three months through June 30 compared with $60 million in the year-earlier period.
Revenue declined 10.2 percent to $1.78 billion, but was 0.3 percent higher in constant currencies as volume growth was partially offset by freight rates and fuel prices.
Air freight volume grew just 0.7 percent year-over-year due to a weakening Asia-Pacific market, while ocean freight traffic increased 4 percent on solid growth in Europe.
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