UTi Worldwide posts slightly higher 3Q net income

user-gravatar

Uti Worldwide1

UTi Worldwide Inc. on Thursday, Dec. 1, reported revenues for its fiscal 2012 third quarter ended Oct. 31 were $1,264.5 million, an increase of 5.5 percent from $1,198.4 million. Net revenues (revenues minus purchased transportation costs) were $443.4 million, an increase of 9.2 percent from $406.1 million. Net income attributable to UTi Worldwide Inc. was $28.5 million compared to $26.4 million.

“We continued to deliver revenue and operating profit growth in each of our business segments, while we controlled expenses in a slowing environment,” said Eric Kirchner, chief executive officer of Long Beach, Calif.-based UTi Worldwide. “Contract logistics and distribution revenue and profit increased by double-digits in the quarter on the strength of new business wins and operational improvement.”

Kirchner said that while UTi Worldwide’s third-quarter performance was steady, the company currently anticipates that its fourth quarter is likely to be impacted adversely by the strengthening of the U.S. dollar, particularly against the South African rand, slowing in the global economy and the timing of Chinese New Year. “We remain attentive to those items we can directly control,” he said. “The deployment of our new freight forwarding system is proceeding as planned, while we continue to roll out improved global operating processes.”