UTI Worldwide reported a 42 per cent decrease in operating income for the third quarter, down to US$31.4 million, from $53.8 million. There was a 20 per cent drop in revenues down from $1,210.1 million to $967.2 million. Net revenues were $361.5 million, a decrease of 11 per cent from $408.2 million.
Eric Kirchner (right), chief executive officer, said: "Declines in revenue moderated considerably on a year-over-year basis in the third quarter. Volumes improved throughout the third quarter, particularly in airfreight, which experienced an increase in the month of October, the first increase since early 2008. Our sales focus has helped us outpace the market, which we have not accomplished in more than a year." |
