UTi’s Fiscal Second-Quarter Loss Widens
UTi Worldwide Inc. reported its second-quarter fiscal loss increased to $16.9 million, or 19 cents per share, from $4.4 million, or 4 cents per share, the prior year.
The forwarding and contract logistics company’s revenue fell 3.4% to $1.09 billion for its fiscal quarter ended July 31.
“Our contract logistics and distribution segment had an excellent quarter, with adjusted [earnings before interest, taxes, depreciation and amortization] reflecting the improvements we have been making in this business over the past two years. Adjusted EBITDA in freight forwarding was negatively impacted by temporary costs, as expected,” Eric Kirchner, UTi’s CEO, said in a statement.
“We remain on track to achieve $95 million in annualized cost savings by the end of fiscal 2015. As a result, we are targeting EBITDA in fiscal 2016 in the range of $190 million to $210 million, with results improving throughout the year,” he said.
UTi Worldwide, based in Long Beach, California, ranks No. 26 on the Transport Topics Top 50 list of logistics companies in North America.
