UTi Worldwide said Thursday its third-quarter net income fell to $10.5 million, or 10 cents a share, from $28.5 million, or 28 cents, a year earlier.
Revenue fell 10.7% to $1.1 billion for the fiscal quarter ended Oct. 31, the air and freight forwarder said.
UTi blamed a weak air cargo market for lower revenue totals. Airfreight revenue fell to $345 million from $431 million a year earlier.
UTi Worldwide is ranked No. 22 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.