UTi Worldwide’s 4Q, Full-Year Income Rise

Air and ocean freight forwarder UTi Worldwide's fourth-quarter net income rose to $23.6 million or 24 cents a share, from $9.7 million or 10 cents a year earlier.

Gross revenue rose 31% to $951.3 million for the quarter ended Jan. 31, the company said in a statement. Net revenue also rose 31%, to $331.2 million.

For the full fiscal year, net income rose to $107.9 million or $1.08 per share, from $55.2 million or 56 cents the previous year. Gross revenue gained 28% to $3.6 billion.

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.

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