Friday, June 4, 2010
UTi posts better-than expected Q1
Freight logistics company UTi Worldwide Inc. said Thursday its fiscal 2011 first-quarter earnings rose a better-than-expected 2 percent as higher costs were offset by stronger airfreight and ocean shipping volumes.
The company said that first-quarter shipments for air and ocean were "very close" to pre-recession levels in the same quarter two years ago. However, UTi said its freight forwarding results were constrained by yield pressure caused by very tight capacity and higher transportation rates.
For the quarter ended April 30, the company earned $10.1 million, or 10 cents per share, compared with $9.8 million, or 10 cents per share, a year ago.
-Bloomberg BusinessWeek
For the full story: /www.businessweek.com
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