UPDATE: UTi Worldwide Posts Downbeat Q1 Profit
UTi Worldwide Inc (NASDAQ: UTIW) posted weaker-than-expected first-quarter profit.
UTi Worldwide's quarterly net income climbed to $12.9 million, or $0.12 per share, versus $8.7 million, or $0.08 per share, in the year-ago period. Excluding items, earnings came in at $0.14 per share.
Its revenue dropped 4% to $1.15 billion. However, analysts were expecting earnings of $0.16 per share on revenue of $1.23 billion.
UTi Worldwide's air freight revenue dropped 13% to $381.1 million.
UTi Worldwide shares dropped 3.64% to $14.56 in pre-market trading.
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