UTi Worldwide Loss Widens, Expects Headwinds To Continue; Stock Tanks 16%

(RTTNews) - UTi Worldwide Inc (UTIW), a non-asset-based supply chain services company, on Thursday reported second-quarter net earnings of $70.7 million or $0.70 per share compared with $21.9 million or $0.24 per share last year.

Revenues for the quarter were down 16.5% at $913.9 million compared with $1.1 billion in the prior year. Analysts polled by Thomson Reuters estimated revenues of $1.05 billion.

The company said its revenues were hurt due to lower air and ocean volumes in freight forwarding as well as the strengthening of the US dollar against the Euro and South African Rand.

The company said it does not expect macroeconomic headwinds to abate in the second half of the year.