UTi: 3rd quarter revenue declines ?moderated”

UTi: 3rd quarter revenue declines ômoderated”    UTi Worldwide Inc. said Thursday that it had profit from continuing operations of $18 million in the quarter ending Oct. 31 compared to $35.8 million in the same 2008 period.
   Revenue for the period decreased 20 percent to $967 million, from $1.2 billion the same period the prior year. Net revenue (revenue minus purchased transportation costs) was $361.5 million in the quarter, an 11 percent decrease from $408.2 million the prior year period.
   “Declines in revenue moderated considerably on a year-over-year basis in the third quarter. Volumes improved throughout the third quarter, particularly in air freight which experienced an increase in the month of October, the first increase since early 2008,” said Eric W. Kirchner, chief executive officer of the Long Beach, Calif.-based company.
   “Our sales focus has helped us outpace the market, which we have not accomplished in more than a year. But this improvement was largely offset by industry-wide yield pressure as carriers raised rates substantially, particularly out of Asia. These higher rates could not always be recovered in the near term,” he said.