Freight forwarder UTi Worldwide Inc. said it lost $9.1 million, or 9 cents a share, in the third quarter, largely due to severance costs related to the company’s “transformation.”
The loss compares with a $10.5 million, or 10 cents a share, profit in the third quarter of 2012, the company said in a Dec. 5 statement. Excluding the severance costs and additional tax expense, UTi earned a profit of $8.1 million, or 8 cents a share.
Revenue was $1.2 billion, a slight decrease from the previous year.
“Our fiscal 2014 third-quarter results reflect increased activity in both our freight forwarding and contract logistics and distribution segments, offset by transformation-related costs,” CEO Eric Kirchner said in the statement. “Our sales efforts drove freight forwarding volume growth that was ahead of the market, particularly in airfreight.”
UTi Worldwide is ranked No. 26 on the Transport Topics Logistics Top 50 listing of North American logistics firms.