English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

UTi Q2 revenue up four percent

PRESS RELEASE

September 04, 2014: UTi Worldwide has reported financial results for its fiscal 2015 second quarter ended July 31, 2014.

  • Revenues were $1,091.2 million, a decrease of 3.4 percent from $1,129.4 million.
  • Net revenues (revenues minus purchased transportation costs) were $401.2 million, an increase of 4.0 percent from $385.6 million.
  • On an organic basis, revenues decreased 2.7 percent and net revenues increased 5.5 percent versus the comparable prior year period.
  • Net loss attributable to UTi Worldwide Inc. was $16.9 million in the fiscal 2015 second quarter. Net loss attributable to common shareholders after dividends on preferred stock was $0.19 per diluted common share.
  • Net loss attributable to UTi Worldwide Inc. in the fiscal 2014 second quarter was $4.4 million, or $0.04 per diluted common share.
  • The company recorded severance and other costs of $1.6 million compared to $3.2 million. In addition, UTi recorded additional tax expense exceeding its normalized tax rate of $11.2 million, or $0.11 per diluted common share.
  • Excluding severance and other costs and the additional tax expense described above, non-GAAP net loss attributable to UTi Worldwide Inc. was $4.2 million. Non-GAAP net loss attributable to common shareholders after preferred stock dividends was $0.07 per diluted common share.
  • Earnings before interest, taxes, depreciation and amortization, as adjusted for severance and other costs (adjusted EBITDA1) totaled $30.0 million compared to $29.0 million.
  • All references to adjusted items, free cash flow (defined as cash flow from operations less net capital expenditures) and organic items in this release refer to non-GAAP results. A reconciliation of GAAP to these non-GAAP results is provided in the supplemental financial information attached to this release.

Eric W. Kirchner, chief executive officer, said, "We recorded solid progress in the second quarter with net revenues, adjusted EBITDA and free cash flow all improving on a year-over-year basis. On a constant-currency basis, our overall net revenue rose 5.5 percent in the second quarter compared to the same period last year. This was primarily due to a significant increase in business activity in contract logistics and distribution, particularly in our Americas and EMENA regions. Net revenue in freight forwarding was slightly higher in the second quarter on a year-over-year basis.

"Adjusted EBITDA increased nearly nine percent on a constant-currency basis, despite $10.2 million of temporary costs related to the transformation. Our contract logistics and distribution segment had an excellent quarter, with adjusted EBITDA reflecting the improvements we have been making in this business over the past two years. Adjusted EBITDA in freight forwarding was negatively impacted by temporary costs, as expected. Transformation-related cost reductions continued at an annualized pace of approximately $50 million through the end of the second quarter. We remain on track to achieve $95 million in annualized cost savings by the end of fiscal 2015. As a result, we are targeting EBITDA in fiscal 2016 in the range of $190 million to $210 million, with results improving throughout the year."

Kirchner continued, "The rollout of our 1View freight forwarding operating system is substantially complete, and the system is performing as expected. In the past year we have more than doubled the number of countries deployed on our 1View and Oracle platforms, and today virtually all freight forwarding transactions are processed through the new systems. As a result, we have turned our focus away from system implementations toward making the best use of our new capabilities to win business and improve operational effectiveness."

Operating expenses less purchased transportation costs were $394.2 million in the second quarter of fiscal 2015. Excluding severance and other costs, adjusted operating expenses less purchased transportation costs were $392.5 million, compared to $372.4 million in the same period last year.

The company recorded a tax provision of $10.3 million in the fiscal 2015 second quarter on a pretax loss of $3.9 million, due to increases in valuation allowances and the mix of taxable income across the company's tax jurisdictions.

Free cash flow was negative $10.4 million in the fiscal 2015 second quarter, compared to negative $22.8 million in the same quarter last year. During the fiscal 2015 second quarter, trade receivables declined $37.5 million (excluding the effects of currency), as a result of increased collections and a significant reduction in work-in-process.

Richard G. Rodick, chief financial officer, said, "We made significant progress in reducing our accounts receivable balance in the fiscal 2015 second quarter. As a result, the fiscal 2015 second quarter was our best free cash flow period in six quarters, and better than any second quarter in three years. We continue to expect increased collection of trade receivables and a reduction in work-in-process for the remainder of fiscal 2015. Based on these assumptions, we continue to target positive free cash flow for the full fiscal year."

More News

Written on 24/03/2017, 21:15
hapag-lloyd-hit-by-low-freight-ratesHAMBURG: March 24, 2017. Hapag-Lloyd reported a net loss of €93.1 million in 2016 on revenue that fell 12.5 percent from the previous year to reach €7.73...
Written on 23/03/2017, 19:40
new-grow-box-technology-from-maerskTINGLEV, Denmark: March 23, 2017. Maersk Container Industry (MCI) has launched Star Cool CA+, an extension of its controlled atmosphere (CA) technology,...
Written on 23/03/2017, 17:04
emirates-responds-to-u-s-laptop-banDUBAI: March 23, 2017. Emirates Airline has responded swiftly to the U.S. ban on laptops and tablets via its passenger flights from Dubai with a free...
Written on 22/03/2017, 20:44
flying-eye-hospital-arrives-in-dohaDOHA: March 22, 2017. Qatar Airways has welcomed the arrival of the Orbis Flying Eye Hospital from the UK where the non-profit organization had earlier...
Written on 21/03/2017, 21:12
fedex-to-launch-round-the-world-from-liegeMEMPHIS, TN: March 21, 2017. Next month FedEx is to begin a B777 freighter flight from Liège, Belgium to Memphis as part of a round-the-world service...
Written on 16/03/2017, 20:20
k-n-acquires-two-pharma-logistics-companiesSCHINDELLEGI, Switzerland: March 16, 2017. Kuehne + Nagel is to acquire two specialist logistics companies in Turkey and Italy to expand its good...
Written on 15/03/2017, 17:52
panalpina-expands-circular-economy-centerDUBAI: March 15, 2017. Panalpina has officially opened its 40,000 square meter logistics manufacturing center in Dubai Logistics City, part of the bonded...
Written on 15/03/2017, 17:12
coyote-logistics-opens-in-guadalajara-mexicoCHICAGO: March 14, 2017. UPS 3PL subsidiary Coyote Logistics has opened a new office in metropolitan Guadalajara, Mexico to develop transborder truckload,...
Written on 15/03/2017, 15:20
auto-traffic-switches-from-road-to-railKIRCHHEIM/TECK, Germany: March 15, 2017. After a five-year hiatus, automobile logistics specialist Mosolf Group is re-introducing a weekly rail link...
Written on 14/03/2017, 19:47
unisys-offers-pay-for-use-air-cargo-managementLONDON: March 14, 2017. Unisys has launched 'Digistics' - described by the company as an "integrated cargo logistics solution" for carriers to streamline...
Written on 14/03/2017, 17:03
mercator-introduces-ice-in-abu-dhabiABU DHABI: March 14, 2017. IT solutions provider Mercator, majority-owned by Warburg Pincus Investments, has launched what it says is the air cargo...
Written on 14/03/2017, 15:59
unilode-wins-saudi-arabian-airlines-contractABU DHABI: March 14, 2017. Unilode, the ULD management company formerly known as CHEP, has won a major outsource contract from Saudia and Saudia Cargo to...
Written on 13/03/2017, 15:37
2016-revenue-increase-for-turkish-cargoISTANBUL: March 13, 2017. Turkish Airlines has reported a six percent rise in air cargo revenue in 2016 to US$996 million. Some US$600 million was...
Written on 10/03/2017, 21:49
nec-to-develop-visibility-platform-for-pandemic-responseTOKYO: March 09, 2017. The U.N. World Food Programme (WFP) and NEC Corporation are to develop the first supply chain visibility platform for pandemic...
Written on 10/03/2017, 20:21
airbus-helps-south-sudan-refugeesTOULOUSE: March 09, 2017. The Airbus Foundation has used an A330 test aircraft to carry 17 tonnes of aid equipment from the UK to Uganda for refugees...
Written on 09/03/2017, 22:32
the-alliance-sets-up-post-hanjin-insurance-planHAMBURG: March 09, 2017. On April 01 'THE Alliance' of Hapag- Lloyd, 'K'Line, MOL, NYK and Yang Ming, will launch 32 liner services to 75 major ports on...
Written on 09/03/2017, 16:35
another-quarter-decline-in-airline-profitsGENEVA: March 09, 2017: IATA says a drop in profits for its member airlines that began in Q3 2016 continued into the last quarter, despite margins...
Written on 09/03/2017, 14:55
hutcheson-to-operate-new-swedish-box-portSTOCKHOLM: March 08, 2017. Hutchison Ports is to operate the container terminal at Stockholm's new Norvik Port, due to open in three years. The facility,...
Written on 08/03/2017, 22:18
record-net-profit-for-deutsche-post-dhlBONN: March 08, 2017. Deutsche Post DHL (DPDHL) has reported a 71.4 percent rise in net profit of €2.64 billion on a 3.2 percent decline in revenue of...
Written on 07/03/2017, 19:49
yusen-supply-chain-uses-circular-economy-and-carbon-offsetHOOFDDORP, The Netherlands: March 07, 2017. Yusen Logistics has won a contract to manage the supply chain of diesel-engine cylinder blocks from...

- powered by Quickchilli.com -