UTi Worldwide 1Q profit falls on higher expenses

Freight logistics company UTi Worldwide Inc. said Thursday its fiscal 2009 first-quarter earnings slipped 25 percent, as higher operating expenses and restructuring charges offset revenue growth.

The company earned $13.5 million, or 13 cents per share, compared with $18.1 million, or 18 cents per share, in the year-ago quarter. Excluding a $4.4 million restructuring charge, the company earned $17.9 million, or 18 cents per share in the 2008 period.

Revenue rose 26 percent to $1.19 billion, from $944.7 million in the prior-year period.

Analysts were expecting a profit of 17 cents per share on revenue of $1.09 billion, according to a poll by Thomson Financial. Analysts included the restructuring charges in their estimates.

The company said operating expenses rose 19 percent in the quarter to $361.9 million, when excluding freight consolidation and restructuring costs. The figure included a $2.5 million charge related to an ongoing freight forwarding industry investigation by the Department of Justice.

Shares dipped 25 cents to $23.34 in premarket electronic trading.