logo
Share SHARE
FONT-SIZE Plus   Neg

UTi Worldwide Profit Drops, Yet Tops Estimate - Update

Logistics company UTi Worldwide Inc. (UTIW: Quote), Thursday reported a drop in fourth-quarter profit, due mainly to one-time severance and impairment charges. Nonetheless, earnings for the quarter topped Street estimates, while revenue fell short of expectations.

UTi Worldwide's revenue for the quarter edged up 0.7 percent from last year, mainly on higher contract logistics and distribution activity, growth in ocean volumes and higher fuel surcharges. But results were partly hurt by a strong U.S. dollar and lower volumes in air freight.

Excluding purchased transportation costs, net revenue for the quarter was up 0.5 percent, reflecting higher revenue per unit of cargo in freight forwarding.

The company reported fourth-quarter net income of $12.4 million or $0.12 per share, compared to $14.5 million or $0.14 per share last year.

Excluding items, adjusted earnings for the quarter were $20.3 million or $0.20 per share. On average, 14 analysts polled by Thomson Reuters expected earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter was $1.153 billion, compared to $1.145 billion last year. Analysts expected revenue of $1.20 billion for the quarter.

Looking ahead to the full year, the company said volumes are likely to remain soft for the first half, while a modest pickup is expected in the latter half.

UTIW is trading at $16.70, up $0.70 or 4.38%, on the Nasdaq. In the past year, the company's stock ranged between $11.94 and $24.05.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Tuesday after the markets closed that its first quarter profit rose 38% from last year, driven by all time record revenue from iPhone and Mac sales as well as record performance of its App Store. The company's quarterly earnings per share also breezed past Wall Street expectations as did its quarterly sales. We are just a few weeks into 2015 and it has already been a busy year for merger deals and merger talks. Here is a list of some of the M&A stories that have made headlines so far in 2015. Diversified electronics maker TE Connectivity Ltd. is nearing a deal to sell its network solutions business unit to CommScope Holding Co., Inc. (COMM) in a deal valued at about $3 billion, according a Wall Street Journal report on Monday. A deal could be announced as early as this week. There has...
comments powered by Disqus
RELATED NEWS
Trade UTIW now with 
Follow RTT