CEVA Holdings generated almost US$7.0 billion in revenue for 2017, a year-on-year increase of 5.4% at constant currency, according to full-year results released by the company.
In the fourth quarter, revenue was US$1.9 billion, 5.7% more than the same period in 2016 at constant currency.
Operating cash flow in 2017 was US$209 million, US$66 million more than in 2016.
“I am pleased to report a strong finish to a good year,” said Xavier Urbain, CEO of CEVA. “Our Excellence Program has delivered important cost savings and has supported much better profits despite market headwinds. At the same time, revenue growth across contract logistics and freight management has been very good. With stronger revenue, profits and cash flow, we have delivered on all our objectives.”
The freight management division posted an 11.6% rise in air freight volumes compared to 2016, on the back of a strong performance on trans-Pacific trade lanes in the fourth quarter. Yields were also up 8.5% year-on-year in the last quarter.
The contract logistics division reported strong growth in the consumer and retail, industrial and automotive verticals. Revenue growth for the year was 2.8%.
“CEVA’s competitive position has much improved as evidenced by the important business wins we have had in recent months,” said Urbain. “Through the transformation we have initiated in 2014, CEVA is a much stronger company now. However, we still have ample opportunities to improve margins and deliver even better service to our clients – this is what we are working on. I am confident that we can keep the momentum and can continue to improve our results going forward.”