NEW YORK (TheStreet) -- Shares of UTi Worldwide (UTIW) were falling 14% to $5.62 on heavy trading volume Friday after the supply chain services company missed analysts' estimates for earning and revenue in the second quarter of fiscal 2016.
UTi Worldwide reported a loss of 70 cents a share for the fiscal second quarter, missing analysts' estimates of a loss of 5 cents a share for the quarter. Revenue fell 16.2% year over year to $913.93 million for the quarter, below analysts' estimates of $1.05 billion for the quarter.
The company said "unseasonably weak demand in key air and ocean markets" in the quarter hurt its results. CEO Edward G. Feitzinger said that "normal seasonal volume growth did not occur in the second fiscal quarter due to the global macroeconomic slowdown."
About 2.4 million shares of UTi Worldwide were traded by 10:15 a.m., above the company's average trading volume of about 1 million shares a day.
TheStreet Ratings team rates UTI WORLDWIDE INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate UTI WORLDWIDE INC (UTIW) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."
You can view the full analysis from the report here: UTIW Ratings Report