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 20/02/2018, 16:14
first-of-four-b777s-delivered-to-ukraine-international-airlinesKIEV: February 20, 2018. Ukraine International Airlines (UIA) has taken delivery of its first B777-200 aircraft from lessor AerCap to replace B767-300s on...
Written on 19/02/2018, 22:11
southwest-to-launch-international-air-cargo-servicesLOVE FIELD, TX: February 19, 2018. Southwest Airlines is to begin international airfreight services in May to Mexico City, Cancun, Cabo San Lucas/Los...
Written on 19/02/2018, 16:40
freightweek-news-update-week-08MILAN: February 20, 2018. Meridiana, Italy's long established privately-owned airline, has been renamed Air Italy following the acquisition by Qatar...
Written on 18/02/2018, 00:45
air-france-klm-keep-a-hand-in-shaping-the-gameAMSTELVEEN/PARIS: February 16, 2018. The Air France KLM Group has reported a 6.8 percent rise in Q4 2017 cargo revenue to €583 million and €2.087 billion...
Written on 16/02/2018, 21:46
swiss-tv-goes-live-in-south-korea-with-natcoZURICH/ PYEONGCHANG, South Korea: February 16, 2018. Project logistics specialist Natco AG, part of the British TransGlobal Group, has delivered all the...
Written on 15/02/2018, 18:15
ryder-opens-u-s-mexico-border-facilityMIAMI: February 14, 2018. Ryder System has opened a 109,000 sq.ft. logistics facility in Laredo, Texas to support cross-border shipments between the U.S....
Written on 15/02/2018, 16:44
miami-airport-gets-ftz-statusMIAMI: February 15, 2018. The U.S. Department of Commerce has designated Miami International Airport's entire 3,230-acre land parcel as a Foreign Trade...
Written on 14/02/2018, 16:57
jd-com-delivery-for-valentine-s-dayBEIJING: February 14, 2018. China retailer JD.com is selling 18.6 percent of its subsidiary JD Logistics for an estimated US$2.5 billion. The investors...
Written on 13/02/2018, 21:22
delta-cargo-adds-gps-tracking-to-equation-express-productATLANTA: February 13, 2018. Delta Cargo has launched 'Equation Critical', a new service with GPS-tracking for next-flight-out international shipments with...
Written on 13/02/2018, 20:14
valentine-s-day-still-a-growing-demandAALSMEER, The Netherlands: February 13, 2018. Valentine's Day, made official by Pope Gelasius in the fifth century to distract Roman Catholics from a more...
Written on 12/02/2018, 21:16
profit-surge-from-e-commerce-for-aramexDUBAI: February 12, 2018. Logistics provider Aramex has reported a nine percent increase in 2017 revenues to AED4.72 billion and a 14 percent year-on-year...
Written on 12/02/2018, 20:34
more-capacity-sharing-for-heavylift-and-project-cargoHAMBURG/ROTTERDAM: February 12, 2018. RollDock and SAL Heavy Lift are to launch a capacity pool for Roll-On/Roll-Off and Float-In/Float-Out project and...
Written on 11/02/2018, 19:37
g-w-invests-in-cargomaticDARIEN, CT: February 08, 2018. Railroad company Genesee & Wyoming has invested in Cargomatic, a technology platform connecting shippers and truck...
Written on 09/02/2018, 16:07
delta-cargo-expands-pharma-4-serviceATLANTA: February 9, 2018. Delta Cargo has added eight new destinations to its Pharma 4 program for temperature-sensitive shipments including Bogota, Hong...
Written on 08/02/2018, 19:20
ups-adds-midday-express-freight-deliveryATLANTA: February 08, 2018. UPS has added a midday service to its Worldwide Express Freight (WEF) product, offering a delivery time of 12 p.m. or 2 p.m....
Written on 08/02/2018, 14:39
evergreen-orders-eight-11-000-teu-containershipsTAIPEI: February 08, 2018. Evergreen Marine Corporation (EMC) has ordered eight 11,000 TEU containerships from Samsung Heavy Industries (SHI) for delivery...
Written on 07/02/2018, 22:05
emirates-skycargo-to-begin-daily-maastricht-flightDUBAI: February 06, 2018. Emirates SkyCargo has added Maastricht to its scheduled freighter network with an initial two B777 freighter flights a week from...
Written on 07/02/2018, 17:19
heavylift-bucket-delivered-to-angolaANTWERP: February 07, 2018. Heavylift and project cargo specialist Manora Logistics has recently completed the delivery of equipment to the mine and iron...
Written on 07/02/2018, 16:21
vallair-orders-10-a321-freighter-conversions-from-efwSINGAPORE: February 07, 2018. Elbe Flugzeugwerke (EFW), the aircraft conversion joint venture of ST Aerospace and Airbus, is to convert 10 A321 passenger...
Written on 06/02/2018, 22:13
ethiopian-to-begin-chicago-service-via-dublinADDIS ABABA: February 06, 2018. Ethiopian Airlines is to begin a three times weekly B787 service from Addis Ababa to Chicago via Dublin on June 09. The...

- powered by Quickchilli.com -