UTi Worldwide Inc. on Thursday reported better-than-expected third quarter net income, boosted by higher airfreight and ocean freight volumes, but its revenue was slightly below Wall Street expectations.

The Long Beach Logistics company reported net income of $26.4 million (26 cents a share) for the quarter ended Oct. 31, compared with $18 million (18 cents) a year earlier. Revenue rose 24 percent to $1.2 billion. The company’s two largest businesses, air and ocean freight saw revenue growth of 30 percent and 34 percent, respectively.

Analysts surveyed by Thomson Reuters on average had expected per-share profit of 25 cents on revenue of $1.22 billion.

Chief Executive Eric W. Kirchner said the improved quarter was the result of the higher volumes and operating efficiencies, which helped offset lower yields, but warned that shipping volume could be weaker in the current quarter.

That warning, along with the revenue figure, helped send shares down $1.15, or 5.8 percent, to close at $18.78 on the Nasdaq.