UTi Worldwide Inc. (UTIW, Financial) filed Quarterly Report for the period ended 2012-07-31.
Uti Worldwide Inc. has a market cap of $1.42 billion; its shares were traded at around $14.2 with a P/E ratio of 16 and P/S ratio of 0.3. The dividend yield of Uti Worldwide Inc. stocks is 0.4%. Uti Worldwide Inc. had an annual average earning growth of 12% over the past 10 years.
Customs Brokerage and Other. Customs brokerage revenues decreased $2.7 million, or Â8%, for the three months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, customs brokerage revenues increased $0.7 million, or 2%. Other freight forwarding related revenues, which are primarily comprised of international road freight shipments and distribution, decreased $17.8 million, or Â22%, for the three months ended July 31, 2012, compared to the corresponding prior year period. However, excluding the effects of foreign currency fluctuations, other freight forwarding related revenues decreased $10.2 million, or 12%. The decrease was caused by a decline in volumes and related fuel surcharges for international road freight and distribution.
Customs brokerage net revenues decreased $2.8 million, or 9%, for the three months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, customs brokerage net revenues increased $0.4 million, or 1%. Other freight forwarding related net revenues increased $0.9 million, or 4%, for the three months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, other freight forwarding related net revenues increased $2.9 million, or 13%.
Staff Costs. Staff costs in our freight forwarding segment decreased $7.0 million, or 6%, for the three months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, staff costs in our freight forwarding segment increased $2.2 million. As a percentage of freight forwarding segment revenues, staff costs were approximately 14% for the three months ended July 31, 2012 compared to 13% in the corresponding prior year period. Movements of staff costs in our freight forwarding segment are typically driven by changes in total shipment counts rather than changes in volumes. The number of airfreight shipments declined 4%, in the three months ended July 31, 2012 compared to the corresponding prior year period, the decline was significantly less than the corresponding 11% tonnage decline, as our clients moved fewer kilos per shipment. This had a negative impact on productivity in our freight forwarding segment in the short term. The number of ocean freight shipments was consistent over the comparative periods.
Airfreight forwarding net revenues decreased $25.6 million, or 14%, for the six months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, airfreight forwarding net revenues decreased $16.4 million, or 9%. Changes in net revenues are primarily a function of volume movements and the expansion or contraction in yields, which is the difference between our selling rates and the carrier rates incurred by us. Excluding the effects of foreign currency fluctuations, airfreight forwarding net revenues decreased $24.8 million over the corresponding prior year period due to a decline of airfreight forwarding volumes, which amount was partially offset by $8.4 million improvement in yields. Airfreight yields for the six months ended July 31, 2012 increased approximately 80 basis points to 21.7% compared to 20.9% for the corresponding prior year period.
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Uti Worldwide Inc. has a market cap of $1.42 billion; its shares were traded at around $14.2 with a P/E ratio of 16 and P/S ratio of 0.3. The dividend yield of Uti Worldwide Inc. stocks is 0.4%. Uti Worldwide Inc. had an annual average earning growth of 12% over the past 10 years.
Highlight of Business Operations:
Airfreight forwarding net revenues decreased $16.1 million, or 16%, for the three months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, airfreight forwarding net revenues decreased $9.3 million, or 9%. Changes in net revenues are primarily a function of volume movements and the expansion or contraction in yields, which is the difference between our selling rates and the carrier rates incurred by us. Excluding the effects of foreign currency fluctuations, net revenues decreased by $11.3 million over the corresponding prior year period due to a decline of airfreight forwarding volumes, which amount was partially offset by a $2.0 million improvement in yields. Airfreight yields for the three months ended July 31, 2012 increased approximately 120 basis points to 22.6% compared to 21.4% for the corresponding prior year period. On a sequential basis, airfreight yields of 22.6% for the three months ended July 31, 2012 were 180 basis points higher when compared to airfreight yields of 20.8% for the first quarter of fiscal 2013.Customs Brokerage and Other. Customs brokerage revenues decreased $2.7 million, or Â8%, for the three months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, customs brokerage revenues increased $0.7 million, or 2%. Other freight forwarding related revenues, which are primarily comprised of international road freight shipments and distribution, decreased $17.8 million, or Â22%, for the three months ended July 31, 2012, compared to the corresponding prior year period. However, excluding the effects of foreign currency fluctuations, other freight forwarding related revenues decreased $10.2 million, or 12%. The decrease was caused by a decline in volumes and related fuel surcharges for international road freight and distribution.
Customs brokerage net revenues decreased $2.8 million, or 9%, for the three months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, customs brokerage net revenues increased $0.4 million, or 1%. Other freight forwarding related net revenues increased $0.9 million, or 4%, for the three months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, other freight forwarding related net revenues increased $2.9 million, or 13%.
Staff Costs. Staff costs in our freight forwarding segment decreased $7.0 million, or 6%, for the three months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, staff costs in our freight forwarding segment increased $2.2 million. As a percentage of freight forwarding segment revenues, staff costs were approximately 14% for the three months ended July 31, 2012 compared to 13% in the corresponding prior year period. Movements of staff costs in our freight forwarding segment are typically driven by changes in total shipment counts rather than changes in volumes. The number of airfreight shipments declined 4%, in the three months ended July 31, 2012 compared to the corresponding prior year period, the decline was significantly less than the corresponding 11% tonnage decline, as our clients moved fewer kilos per shipment. This had a negative impact on productivity in our freight forwarding segment in the short term. The number of ocean freight shipments was consistent over the comparative periods.
Airfreight forwarding net revenues decreased $25.6 million, or 14%, for the six months ended July 31, 2012, compared to the corresponding prior year period; however, excluding the effects of foreign currency fluctuations, airfreight forwarding net revenues decreased $16.4 million, or 9%. Changes in net revenues are primarily a function of volume movements and the expansion or contraction in yields, which is the difference between our selling rates and the carrier rates incurred by us. Excluding the effects of foreign currency fluctuations, airfreight forwarding net revenues decreased $24.8 million over the corresponding prior year period due to a decline of airfreight forwarding volumes, which amount was partially offset by $8.4 million improvement in yields. Airfreight yields for the six months ended July 31, 2012 increased approximately 80 basis points to 21.7% compared to 20.9% for the corresponding prior year period.
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