UTi Worldwide’s 1Q Profit Rises

Air and freight forwarder UTi Worldwide reported an increase in net income and revenue for its fiscal first quarter.

UTi, Long Beach, Calif., earned $10.1 million, or 10 cents a share, on quarterly revenue of $1.06 billion for its fiscal quarter ended April 30.

Last year in the same period, the company earned $9.8 million, or 10 cents, on revenue of $768.4 million.

Purchased transportation costs rose 50.2% during the quarter to $689.4 million, compared with $458.9 million last year.

The company’s UTi Integrated Logistics division is ranked No. 22 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.