UTi continues to see profits soar
UTi Worldwide Inc., the Rancho Dominguez, Calif.-based forwarding and logistics company, said net income for the quarter ended Jan. 31 jumped 53 percent to $18.6 million, compared to the same period in 2004.
The results represent the 12th consecutive quarter of year over year gains in gross and net revenues, operating income and net income at UTi.
UTi’s operating income for the most recent quarter increased 77 percent to $26.5 million. Gross revenues increased 51 percent to $627.3 million from $415.3 million in the year-earlier period. Revenue from air freight forwarding rose 38 percent to $274.6 million. Revenue from ocean freight forwarding soared 85 percent to $192.3 million.
Net revenues for the latest quarter rose 32 percent to $215.7 million.
For the fiscal year ended Jan. 31, net income increased 51 percent to $67.5 million, from $44.8 million a year earlier. Operating income rose 62 percent to $95.5 million and gross revenues rose 50 percent to $2.3 billion from $1.5 billion for the prior-year period. Net revenues totaled $773.8 million, up 30 percent over the $596.1 million posted in the previous fiscal year.
“Our performance in fiscal 2005 is a testament to the soundness of UTi’s vision of global integrated logistics,” said Roger I. MacFarlane, chief executive officer of UTi Worldwide. “We believe the company is well positioned to continue making progress as we focus on specialized industry solutions and becoming the primary logistics partner with more of our strategic customers.”
The Asia Pacific region made the largest contribution to UTi’s operating income, increasing 35 percent to $34.9 million for the full year. Operating income for the Africa region jumped 69 percent to $30 million, ahead of Europe and the Americas. The Europe region made the largest percentage increase with 147 percent growth totaling $27.3 million compared to $11 million in the prior year.
UTi is listed on the Nasdaq stock exchange and closed Wednesday at a price of $69.11 per share.