UTi Worldwide’s 3Q Profit Rises

Air and freight forwarder UTi Worldwide’s fiscal third-quarter net income jumped to $26.4 million, or 26 cents a share, from $18 million, or 18 cents, a year earlier.

Revenue gained 24% to $1.2 billion for the quarter ended Oct. 31, the company said. Operating income rose 40% to $43.9 million.

The improved results were driven by higher volumes and greater operating efficiency, Chief Executive Officer Eric Kirchner said.

“Our contract logistics and distribution business reported solid revenue growth and operating margins,” he said in a statement.

The company’s UTi Integrated Logistics division is ranked No. 24 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.