Shares Of UTi Worldwide Fall After 4Q Loss

HARTFORD, Conn. (AP) — Shares of UTi Worldwide Inc. fell sharply Friday, a day after the shipping and supply chain company reported losses for the fourth quarter and fiscal year due to charges and falling freight and logistics volumes.

Two analysts on Friday cut their profit estimates for the Long Beach, Calif., company.

Analyst David G. Ross of Stifel, Nicolaus and Co. Inc. cut his fiscal 2010 estimate to 90 cents per share from $1.01 per share. And he reduced his fiscal 2011 estimate to $1.06 from $1.22. He cited the rising value of the dollar, which makes U.S. products more expensive overseas.

Analyst Todd C. Fowler of KeyBanc Capital Markets reduced his 2010 estimate to $1 per share from $1.05 per share, citing a reduction in volume and net revenue that are partially offset by cost reductions.

He initiated an estimate of $1.15 per share for 2011.

Analysts surveyed by Thomson Reuters expect earnings to be $1.05 per share for 2010. For 2011, analysts expect $1.18 per share.