December 2, 2010 / 1:52 PM / in 7 years

UPDATE 1- UTi Worldwide Q3 profit beats Street view

* Q3 EPS $0.26 vs est $0.25

* Revenue up 24 pct at $1.2 bln, but misses Street view

Dec 2 (Reuters) - Logistics company UTi Worldwide Inc UTIW.O posted a third-quarter profit above market estimates, helped by higher airfreight and ocean freight volumes.

The company also said yield pressure showed signs of moderation in the quarter.

However, it does not expect the rate of improvement in yield to be sufficient to offset anticipated volume weakness in the fourth quarter.

August-October net income was $26.4 million, or 26 cents a share, compared with $18 million, or 18 cents a share, a year ago.

Revenue rose 24 percent to $1.2 billion. Air and ocean freight revenues, which together comprise three quarters of the company’s total revenue, rose 30 percent and 34 percent, respectively.

Analysts on average had expected the company to earn 25 cents a share, on revenue of $1.22 billion, according to Thomson Reuters I/B/E/S.

Shares of the Long Beach, California-based company, which have risen 39 percent since the company last reported its quarterly results, closed at $19.93 on Wednesday on Nasdaq. (Reporting by Amruta Sabnis in Bangalore; Editing by Maju Samuel)

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