Breaking News
FONT-SIZE Plus   Neg
Share SHARE

UTi Worldwide Profit Drops, Yet Tops Estimate - Update

RELATED NEWS
Trade UTIW now with 

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.

Register
To receive FREE breaking news email alerts for UTI Worldwide Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks came under pressure in early trading on Friday and remained firmly in the red throughout the remainder of the trading session. With the losses on the day, the S&P 500 pulled back well off yesterday's record closing high. President Barack Obama is meeting with presidents from Central American nations on Friday as the U.S. struggles to deal with a surge of unaccompanied children across the southern border. Despite calls from some leading conservatives, the results of a new CNN/ORC International poll released Friday showed that a vast majority of Americans do not believe that President Barack Obama should be impeached and removed from office.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.