The Long Beach, Calif.-based supply chain company UTi Worldwide said profit for the fourth quarter ending Jan. 31 was $12.4 million, compared with $14.5 million in the same period a year earlier.
Revenue was $1.15 billion, up less than 1 percent.
However Chief Executive Officer Eric W. Kirchner said on an "adjusted basis," operating profit grew 24 percent and net income rose 39 percent compared to last year's fourth quarter.
Kirchner said "it is likely that volumes will remain soft in the first half of the year, with the possibility of modest growth in the second half. We have several initiatives in place intended to drive growth ahead of the market. We will continue to make process improvements such as better buying and enhanced utilization of our gateway structure."