UTi Worldwide Q1 Revenues Up 37% To $1.05bn
UTi Worldwide has reported total revenues of $1.05bn for the first quarter of 2010, an increase of 37% compared to $768.3m for the same period a year ago.
The company's operating income for the quarter was $18.9m, an increase of 6% compared to $17.8m for the same period last year.
Freight forwarding segment revenues were $721.7m for the quarter, while the revenues of contract logistics and distribution segment were $333.3m for the first quarter of 2010.
For the quarter ended April 31, 2010, the company posted net income of $10.07m, or $0.10 per share, compared to $9.8m, or $0.10 per share, for the same period last year.
Eric Kirchner, CEO of UTi Worldwide, said: Airfreight and ocean freight volumes grew significantly in the first quarter in a stronger market than we saw in the same period last year.
We are particularly pleased with the performance of our contract logistics and distribution business, which reported good revenue growth and margin improvement. Client volumes improved in the quarter, particularly in retail and consumer markets, and we continue to manage our operations more efficiently.
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