UTi Worldwide says 3Q net income up 14%

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UTi Worldwide Inc. on Thursday, Dec. 6, reported financial results for its third fiscal quarter ended Oct. 31, reflecting continued revenue growth over the prior-year comparative quarter.

Fiscal third quarter 2008 vs. 2007 results:

  • Gross revenues increased 25 percent to $1.2 billion from $946.3 million;
  • Net revenues increased 24 percent to $391.0 million from $316.2 million;
  • Operating margin (operating income as a percentage of net revenue) was 12.5 percent, compared to 14.3 percent; and
  • Net income increased 14 percent to $34.9 million from $30.5 million.
  • “We’re pleased to see excellent revenue growth across our regions, which validates our strategy of broadened service offerings,” said Roger I. MacFarlane, chief executive officer of Long Beach, Calif.-based UTi Worldwide. “The solid net revenue growth was particularly gratifying, even with lower freight yields and a slow domestic trucking market. We fully realized the benefits of our planned cost reduction measures during the quarter, further improving expense ratios, which contributed to a sequential increase in operating margins. We remain focused on operating margin improvement under our CLIENTasONE strategy, as we continue to grow our business.”

    UTi Worldwide is an international, nonasset-based supply chain services and solutions company providing air and ocean freight forwarding, contract logistics, customs brokerage, distribution, inbound logistics, truckload brokerage and other supply chain management services.