UTi Worldwide’s 1Q Income Dips

Air and ocean freight forwarder UTi Worldwide’s fiscal first -quarter net income fell 6% to $18.1 million or 18 cents a share, from $19.3 million or 20 cents a year ago.

Gross revenue rose 22% to $944.7 million for the quarter ended April 30, the company said Thursday. Net revenue also rose to $336 million from $271.6 million.

The company said in December it would restate its earnings going back three years due to an accounting error.

UTi Worldwide — incorporated in the British Virgin Islands with operating headquarters in Rancho Dominguez, Calif. — is ranked No. 24 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.