Despite reporting double-digit growth in third-quarter profit and revenues, shares in UTi Worldwide Inc. plummeted nearly 19 percent when the company said it expected to lose a contract with retail giant Wal-Mart Stores Inc.

UTi reported third-quarter net income of $34.9 million (35 cents per share) a 14 percent increase from the same period a year earlier, helped by cost-cutting measures, the company said. The results were in line with analysts’ expectations, according to a poll conducted by Thomson Financial.

Revenue for the Rancho Dominguez company also grew 25 percent to $1.18 billion, ahead of Wall Street’s expectations of $1.08 billion.

However, shares were stung after the company disclosed in its earnings conference call that it expected to lose a $60 million contract with Wal-Mart next year due to the retailer decided to take the services in-house, Thompson, Davis and Co. analyst David Campbell said. Investors were also spooked by a 26 percent increase in quarterly expenses, Campbell added.

Shares in UTi sank more than 18 percent, or $4.22, to $19.85 in early trading Thursday on the Nasdaq. Shares have shed 36 percent so far this year.