UTi Worldwide profit lower, revenue climbs

UTi Worldwide profit lower, revenue climbs    UTi Worldwide Inc. said it had net profit of $8.7 million, less net income attributable to non-controlling interests, in the quarter ended April 30, compared to $10.1 million in the same 2010 period.
   Revenue for the fiscal year first quarter was $1.2 billion, 14 percent more than the $1.06 billion in the same 2011 quarter. Net revenue (revenues minus purchased transportation costs) increased 12 percent to $410.6 million, from $365.7 million in the same 2010 period.
   The company said profit was lowered by $6.5 million in costs ($4.6 million after taxes) related to exiting underutilized contract logistics facilities in Europe and other costs related to transforming its business. UTi Worldwide called them “important steps toward achieving our long-term targets.”
   Excluding these costs, adjusted net income attributable to UTi Worldwide Inc. was $13.3 million.
   Eric W. Kirchner, chief executive officer, said net revenue increased “primarily because of higher air freight volumes and contract logistics activity. Air freight volumes were strong as we continued to win new business in an improved market. Contract logistics and distribution revenues were higher in the first quarter due to an increase in existing business activity and new business.”
   Revenue per unit of cargo also increased in the first quarter, reflecting declines in carrier spot rates compared to the same period last year, Kirchner said.