UTi Worldwide Loss Rises to $43.2 Million
UTi Worldwide Inc. reported its first-quarter fiscal loss increased to $43.2 million, or 43 cents per share, from $12.4 million, or 12 cents per share, the prior year.
The forwarding and contract logistics company鈥檚 revenue fell 3.3% to $1.08 billion for its fiscal quarter ended April 30.
鈥淐ontract logistics and distribution recorded solid revenue growth on a constant-currency basis due to gains in new and existing accounts in all regions,鈥 Eric Kirchner, UTi鈥檚 CEO, said in a statement.
鈥淲e continued to win new business in both business segments in the first quarter, which we expect will lead to revenue growth in the second half of this year,鈥 he said.
UTi Worldwide, based in Long Beach, California, ranks No. 26 on the Transport Topics Top 50 list of logistics companies in North America.