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Ceva 2Q Earnings Jump

8/19/2011 10:00:00 AM
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Ceva Logistics, the Netherlands-based logistics operator, said its second-quarter results improved over 2010.

Earnings before interest, taxes, depreciation and amortization rose 25% to 81 million euros ($116.6 million), Ceva said, excluding one-time costs such as restructuring expenses.

Revenue slipped 1.8% to 1.713 billion euros at the privately held firm, which did not release results that included the effects of taxes, interest, depreciation and amortization.

Second-quarter results were hurt by currency fluctuations, as the euro gained strength against other currencies. If foreign exchange rates had stayed constant, revenue would have risen 3.8%, Ceva said.

Lower airfreight shipments in the Americas and Asia Pacific region hurt profitability, the company said.

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Emil Estafanous, CPA, CFF, CGMA