UTI Worldwide Swings to LossFriday, September 6, 2013
UTI Worldwide Inc. reported a second-quarter net loss of $4.4 million (4 cents a share), compared with net income of $18.9 million (18 cents a share) in the same quarter a year earlier. Revenue of the Long Beach logistics company fell 4.5 percent to $ 1.13 billion.
These results fell short of analyst expectations for $1.15 billion in revenue and a 14 cents profit.
Eric W. Kirchner, UTI’s chief executive, acknowledged the second-quarter results were disappointing.
“The industry faced a generally lackluster environment and challenging trading conditions,” he said in a conference call.
He also said the results reflected UTI’s spending associated with a comprehensive business process transformation, which involved continued investments to improve global processes.
UTI’s stock fell as much as 10 percent in Friday’s trading before bouncing back. Shares closed down $1.01, or 5.9 percent on the Nasdaq.