UTI Worldwide’s Fourth-Quarter Earnings Decline

Air and ocean freight forwarder UTi Worldwide said its fiscal fourth-quarter profit fell 20% to $18 million, or 18 cents a share, including a restructuring charge that cut earnings by 6 cents a share.

Earnings for the quarter ended Jan. 31 would have risen to $24.2 million, or 24 cents, from $22.5 million, or 22 cents, excluding the costs, UTi said in a statement. Revenue rose 24% to $1.18 billion.

Net income for the full year fell to $98.7 million, or 99 cents, from $103.5 million, or $1.04. Revenue rose 22% during the fiscal year to $4.4 billion, the company said.

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.