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UTi Worldwide’s Profit, Revenue Decline
Air and freight forwarder UTi Worldwide reported a decline in net income and revenue for its fiscal first quarter, due the ongoing recession.
UTi, Long Beach, Calif., earned $9.8 million or 10 cents a share on quarterly revenue of $768.4 million for its fiscal quarter ended April 30.
Last year in the same period, the company earned $13.5 million on revenue of $1.18 billion.
Purchased transportation costs for the quarter declined to $458.8 million from $794.9 million.
The company’s UTi Integrated Logistics division is ranked No. 24 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.