Share of UTi Worldwide Inc. fell 13 percent Thursday after the freight logistics company reported lower than expected fiscal third quarter revenue, and was cautious about results in the current quarter.
The Long Beach company reported net income of $28.5 million (28 cents per share), compared with $26.4 million (26 cents) in the same period a year earlier. The per-share results met the expectations of analysts surveyed by Thomson Reuters.
But the company’s 5.5 percent increase in revenue to $1.26 billion was below the $1.34 billion analysts expected. Net revenue, excluding purchased transportation costs, was up 9.2 percent to $443 million.
Chief Executive Eric Kirchner did not provide guidance for the fourth quarter but warned, "While our third quarter performance was steady, we currently anticipate that our fourth quarter is likely to be adversely impacted by the strengthening of the U.S. dollar, particularly against the South African rand, slowing in the global economy and the timing of Chinese New Year."
Shares closed down $2.05, or 13 percent, to $13.51 on the Nasdaq