(Adds details, background, shares)
June 5 Logistics company UTi Worldwide Inc
reported a bigger-than-expected quarterly loss as a
stronger dollar more than offset higher volumes in its air and
ocean freight businesses.
Shares of UTi, which gets two-thirds of its revenue from
outside the Americas, fell more than 4 percent in early trading
Revenue fell 3.3 percent to $1.05 billion. Excluding the
currency impact, net revenue rose 3.8 percent in the first
quarter, the company said in a statement.
UTi has also been incurring costs related to the
implementation of its new service and billing platform, which it
expects to save $95 million annually by the end of fiscal 2015.
The third-party logistics provider said on Thursday it
incurred higher payroll-related and business transformation
costs linked to the implementation during the quarter.
The company started deploying the system in September 2013
and expects to complete it by October.
The net loss attributable to UTi increased to $43.2 million,
or 43 cents per share, in the first quarter ended April 30, from
$12.4 million, or 12 cents per share, a year earlier.
Excluding items, UTi posted a loss of 9 cents per share.
Analysts on average had expected a loss of 4 cents per share
on revenue of $1.10 billion, according to Thomson Reuters
UTi's shares were down 4.1 percent at $9.81 in early
trading. The stock has fallen about 31 percent this year to
Wednesday's close, compared with a 26 percent rise in the Dow
Jones U.S. Industrials Transportation index.
(Reporting by Ankit Ajmera in Bangalore; Editing by Saumyadeb