UTi Loss Widens, CEO Kirchner Quits
UTi Worldwide Inc. reported a quarterly loss that more than tripled to $34 million, or 35 cents per share, and announced the abrupt departure of CEO Eric Kirchner.
In the prior year period, the loss was $9.1 million, or 9 cents per share.
Revenue for the fiscal third quarter ended Oct. 31 was 6.6% lower at $1.08 billion. Net revenue, or the amount left after paying transportation costs, fell 3% to $381 million.
The freight forwarding and logistics operator, which ranks No. 9 on the Transport Topics Top 50 Logistics Companies, said Executive Vice President Edward Feitzinger has replaced Kirchner, who also quit his board post.
Feitzinger was executive vice president of global operations. He also was added to UTi鈥檚 board.
Feitzinger in a statement said the company鈥檚 situation was improved after 鈥渟ervice issues and billing challenges associated with the rollout of our freight forwarding system in the United States.鈥
The earnings were released less than a week after the company said that acquisition talks with Danish trucking firm DSV had been called off.