Freight forwarder UTi Worldwide Inc. said it lost $9.1 million, or 9 cents a share, in the third quarter, largely due to severance costs related to the company’s “transformation.”

UTi Worldwide reported a first-quarter loss of $12.4 million, or 12 cents per share, from a profit of $12.9 million, or 12 cents, a year earlier.

UTi Worldwide said it has made several key executive changes to the logistics company’s organization, following a reported drop in its second-quarter profit.

UTi Worldwide’s fiscal first-quarter net income rose to $12.9 million, or 12 cents a share, from $8.7 million, or 8 cents, a year earlier.

Air and freight forwarder UTi Worldwide’s fiscal fourth-quarter net income jumped to $14.5 million, or 14 cents a share, from $1.5 million, or 2 cents, a year earlier.

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.

Air and freight forwarder UTi Worldwide’s fiscal second-quarter net income rose to $18.9 million, or 19 cents a share, from $11.8 million, or 12 cents, a year earlier.

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

Air and freight forwarder UTi Worldwide reported a profit for its fourth quarter, compared with a  loss a year earlier.