ZIM

ZIM Integrated Shipping Services Ltd.

46.35
USD
-2.44%
46.35
USD
-2.44%
33.71 91.23
52 weeks
52 weeks

Mkt Cap 5.50B

Shares Out 118.59M

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ZIM Integrated Shipping stock drops despite record Q1 show

The firm generated its highest ever quarterly net income of $1.7B (vs. $590M in Q121) on revenues of $3.72B (+113.8% Y/Y). Adjusted EBITDA came to a record $2.5B, a year-over-year increase of 209%. Carried volume grew 5% to 859K TEUs, while average freight rate per TEU was $3,848, a year-over-year increase of 100%. CEO Eli Glickman stated, "Our strong results to date, combined with the 2022 long-term contracts secured at rates significantly higher than those in 2021, have boosted our confidence in our 2022 results and our ability to achieve superior profitability. Based on these, we are increasing our full year 2022 guidance, and now expect to generate Adjusted EBITDA between $7.8B and $8.2B and Adjusted EBIT between $6.3B and $6.7B." "ZIM Integrated Shipping Services (ZIM) is on a longer-term uptrend with a comparative strength that outperforms the S&P 500 by more than 80% over the last year," wrote SA contributor Steven Cress in an analysis on shipping stocks.

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