First Quarter revenue of $1,776 million was up 4.6% in constant currency and down 4.8% as reported. Adjusted EBITDA was up 18.6% year-over-year, and up 23.3% in constant currency. 
 
Freight Management revenue was up at incurred exchange rates and up 6.1% in constant currency. Volume trends showed sustained growth in the quarter, with Air Freight volume growing 5.2% and Ocean Freight up 5.0% year-over-year.  
 
In the First Quarter, Freight Management realized strong EBITDA improvement, reflecting continued market share gains and focus on enhancing efficiency and profitability.  Contract Logistics realized above market EBITDA margin of 4.9% in the First Quarter, with revenue up 3.4% in constant currency. 
 
“The decision to move to a Business Line/Cluster operating model has energized the company,” said Xavier Urbain, CEO of CEVA. “We are seeing the visible impact of the operational improvements, ongoing streamlining of processes and greater responsiveness to our customers’ needs enabled by the new operating model. Our customers are responding favorably, as demonstrated by our First Quarter performance.” 

Productivity improvements remain a key focus of the company.  A Competence Center for Ground Transport has been launched to drive volume growth, increase productivity and reduce cost/mile. Processes in Freight Management have been streamlined and show improved productivity per employee. 

Business Development has also been strengthened, notably through a global Route Development Management Program to drive Field Sales and the newly independent Healthcare sector continued to generate strong growth in the First Quarter.  During the First Quarter, the Freight Management new business pipeline grew materially, ending the quarter 55% above the prior year while the Contract Logistics pipeline advanced 15% year-over-year.  The Company’s new business pipeline remains robust in both Freight Management and Contract Logistics.