Earnings Roundup: UTi, Guess, Korn-FerryThursday, December 5, 2013
UTi Worldwide Inc. fell to a loss in its fiscal third quarter, largely due to higher expenses, but its adjusted earnings met Wall Street expectations.
The Long Beach logistics company on Thursday reported a net loss of $9.1 million (-9 cents a share) for the quarter ended Oct. 31, compared with net income of $10.5 million (10 cents) in the same period a year earlier. Revenue fell 0.2 percent to $1.15 billion.
The company said higher expenses related to its ongoing business realignment offset better freight-forwarding volume and growth in its logistics and distribution business. The company had adjusted profit of $8.1 million (8 cents). Analysts surveyed by Thomson Reuters on average expected adjusted net income of 8 cents a share on revenue of $1.14 billion.
Shares closed up 96 cents, or 6 percent, to $16.52 on the New York Stock Exchange.
Guess Inc. reported lower fiscal third quarter earnings and cut its full-year revenue forecast, citing a continued sales decline in Europe.
After the markets closed Wednesday, the Los Angeles apparel company reported net income of $34 million (40 cents a share) in the quarter ended Nov. 2, compared with net income of $36.6 million (43 cents) in the same period a year earlier. Revenue fell 2.4 percent to less than $614 million.
Adjusted profit was 42 cents a share. Analysts surveyed by Thomson Reuters on average had expected adjusted profit of 37 cents per share on revenue of more than $614 million. Guess cut its full-year revenue forecast to between $2.55 billion to $2.57 billion, from an earlier range of $2.56 billion to $2.59 billion. Analysts had been expecting $2.58 billion.
Shares on Thursday closed down 70 cents, or 2 percent, to $32.64 on the New York Stock Exchange.
Korn/Ferry International's fiscal second-quarter net income beat analyst expectations, boosted by growth in the staffing company's leadership and talent consulting business.
After the markets closed Wednesday, the Los Angeles company reported net income of $18.8 million (38 cents a share) for the quarter ended Oct. 31, compared with net income of $1.2 million (3 cents) in the same period a year earlier. The year-earlier quarter included $15.5 million in restructuring charges.
Revenue rose 20 percent to $246 million, with fee revenue up 21 percent. Adjusted earnings were 41 cents a share. Analysts surveyed by Thomson Reuters expected 34 cents a share profit on revenue of $234 million.
Shares on Thursday closed up $1.44, or 6.4 percent, to $23.94 on the New York Stock Exchange.