The company posted an adjusted loss of 15 cents a share, while revenue fell 2.1% to $1.08 billion. Analysts polled by Thomson Reuters expected an adjusted loss of 11 cents a share on revenue of $1.09 billion.
Demand for air freight has decreased as customers have started to choose slower and cheaper shipping methods. The International Air Transport Association notes air freight volumes fell 0.4% in North America last year.
Net loss narrowed to $50.7 million, or 48 cents a share, from $142.8 million, or $1.38 per share, in the same period one year earlier.
The company said in its statement it is not concerned about continuing operations because it raised approximately $725 million to refinance debt; at least $400 million of that could come due in April. The company said in February it had breached some debt covenants.
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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 multiple 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 deteriorating net income, disappointing return on equity, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."