Before we begin the presentation, I would like to point out that certain statements made in today's call are not based -- are not historical fact. They may be deemed, therefore, to be forward-looking statements under the Private Litigation Reform Act of 1995. Many important factors may cause the company's actual results to differ materially from those discussed in any forward-looking statements.

These risks and uncertainties are described in further detail in the company's filings with the Securities and Exchange Commission. Please refer to these filings for more information regarding the risks and uncertainties that the company faces. UTi undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Now I would like to turn the call over to Eric Kirchner. Eric?

Eric W. Kirchner

Thank you, Jeff. And good morning, everyone. Both business segments delivered revenue and operating profit growth in a decelerating business environment. Expansion in net revenue per unit of cargo drove most of the Freight Forwarding improvement. Contract Logistics and Distribution delivered double-digit increases in revenue and operating profit on the strength of new business and operational improvement.

Ocean freight TEUs turned ahead of the market for the first time in more than a year. Airfreight volumes in the third quarter declined against challenging comparisons a year ago, particularly in the month of October. As you're aware, the overall airfreight market has been contracting since April of this year. We tracked close to the market numbers through September; however, our volume declines worsened in October compared to one of our best months ever in October last year. Lawrence will talk about this in more detail in a few minutes.

Yields in net revenue per unit increased over the prior year, primarily due to process improvements that included better buying and success with our gateway initiatives. Declining carrier rates also contributed to the increases. These improvements helped to offset the volume weakness in airfreight and led to an increase in net revenue and an improvement in operating profit in our Freight Forwarding segment.

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