UTi’s third quarter profit up 14%
Rancho Dominguez, Calif.-based UTi Worldwide Inc. today posted net income of $34.9 million for its fiscal third quarter ended Oct. 31, a 14 percent increase from $22.3 million a year ago.
The company’s quarterly operating income improved 18 percent to $39.7 million from $33.6 million a year ago.
Gross revenue in the three months gained 25 percent to $1.18 billion with air freight forwarding revenue up by the same margin to $469.3 million. Third quarter revenue from ocean freight forwarding increased 23 percent to $299.6 million.
For UTi’s fiscal year to date, net income was down 4 percent to $80.7 million, operating income declined 2 percent to $123.6 million while gross revenue increased 22 percent to $3.17 billion.