UTi Worldwide's Fiscal 1Q Profit Falls 27 Pct

LONG BEACH, Calif. (AP) — Shipping and supply chain company UTi Worldwide Inc. on Thursday said its fiscal first-quarter 2010 profit fell 27 percent, driven by continued weak freight and logistic volumes, partially offset by lower transportation and operating costs.

Earnings for the quarter ended April 30 slid to $9.8 million, or 10 cents per share, compared with $13.5 million, or 13 cents per share, last year. One-time charges and gains mostly offset each other, as the Long Beach, Calif., company recorded $1.2 million in restructuring costs, $5.2 million in severance and other charges and a $6.3 million gain on the sale of property in South Africa.

Analysts polled by Thomson Reuters estimated an average profit of 14 cents per share. Analysts typically exclude nonrecurring items.

Revenue dropped 35 percent to $768.4 million, down from $1.18 billion last year. Analysts predicted revenue of $937.8 million.

Shares of UTi Worldwide fell $1.10, or 8.2 percent, to $12.35 in morning trading.