Although shares of UTi Worldwide have fallen considerably since the Q2 report, the stock still does not look like a value at 23x forward earnings. Investors should consider avoiding the stock until its earnings momentum turns around. UTi Worldwide Inc. provides supply chain services and solutions around the globe.Second Quarter ResultsUTi Worldwide reported disappointing results for the second quarter of its fiscal 2014 on September 6. Adjusted earnings per share came in at 5 cents, missing the Zacks Consensus Estimate of 14 cents. It was the company's 6th consecutive earnings miss.Revenues declined -5% to $1.129 billion, below the consensus of $1.155 billion. Net revenues (revenues minus purchased transportation costs) also fell -5%. The decline in revenues was driven in part to ongoing competitive pressures in freight forwarding.Estimates FallingFollowing the second quarter earnings miss, analysts have been lowering their estimates for both 2014 and 2015, which has sent the stock to a Zacks Rank #5 (Strong Sell).The Zacks Consensus Estimate for 2014 is now $0.28, down from $0.46 just 7 days ago. The 2015 consensus is currently $0.67, down from $0.80 over the same period.You can see the drop in consensus estimates in the following chart:Premium ValuationShares of UTi Worldwide are down more than -11% since the Q2 earnings report. Despite this, the stock doesn't look like a value here. Shares currently trade around 23x 12-month forward earnings (assuming those estimates don't fall any further), which is a premium to the industry median 20x.The Bottom LineWith falling earnings estimates and premium valuation, investors should consider avoiding this Zacks Rank #5 (Strong Sell) stock until its earnings momentum turns around.Investors still interested in the 'Transportation - Services' industry may want to take a look at Expeditors International (EXPD) instead, which carries a Zacks Rank of 2 (Buy).Todd Bunton, CFA is the Growth & Income Stock Strategist for Zacks Investment Research and Editor of the Income Plus Investor service.UTi Worldwide (UTIW) recently reported its 6th consecutive earnings miss as revenues fell -5% year-over-year. Analysts have revised their estimates significantly lower after the latest miss, sending the stock to a Zacks Rank #5 (Strong Sell).