ZIM Integrated Shipping Q3 Earnings Exceed Expectations

S&P Futures

3,987.50

+19.00(+0.48%)

Dow Futures

33,718.00

+127.00(+0.38%)

Nasdaq Futures

11,817.25

+77.75(+0.66%)

Russell 2000 Futures

1,866.10

+8.20(+0.44%)

Crude Oil

85.22

-0.37(-0.43%)

Gold

1,771.50

-4.30(-0.24%)

Silver

21.33

-0.19(-0.88%)

EUR/USD

1.0393

-0.0003(-0.03%)

10-Yr Bond

3.6920

0.0000(0.00%)

Vix

24.11

-0.43(-1.75%)

GBP/USD

1.1947

+0.0030(+0.26%)

USD/JPY

139.0870

-0.4210(-0.30%)

BTC-USD

16,609.83

-205.82(-1.22%)

CMC Crypto 200

387.28

-9.59(-2.42%)

FTSE 100

7,351.19

0.00(0.00%)

Nikkei 225

27,930.57

-97.73(-0.35%)

ZIM Integrated Shipping Services Ltd (NYSE: ZIM) reported third-quarter FY22 sales growth of 3% year-on-year to $3.23 billion, beating the consensus of $3.18 billion.

Carried volume in Q3 was 842 thousand TEUs, a year-over-year decrease of 5%.

The operating margin was 47.8%, and the operating income was $1.5 billion.

The company held $4.4 billion in cash and equivalents as of September 30, 2022.

Adjusted EBITDA decreased 7% Y/Y to $1.93 billion with an adjusted EBITDA margin of 60%.

Net debt as of September 2022 was $250 million.

EPS of $9.66 beat the analyst consensus of $9.54.

ZIM’s Board declared a cash dividend of approximately $354 million, or $2.95 per ordinary share, payable on December 7, 2022, to holders of ZIM ordinary shares as of November 29, 2022.

“Driven by macroeconomic and geopolitical uncertainties, the near-term outlook for container shipping has shifted and the normalization in freight rates has begun,” said CEO Eli Glickman.

Outlook: ZIM Integrated Shipping reduced its FY22 adjusted EBITDA forecast to $7.4 billion – $7.7 billion (prior view $7.8 billion – $8.2 billion).

Price Action: ZIM shares are trading higher by 1.61% at $26.79 on the last check Wednesday.

See more from Benzinga

Arcos Dorados Q3 Earnings Beat Estimates

TJX Companies Reports 3% Sales Decline In Q3; Picks New CFO

Elon Musk Asked A Top Tesla Executive To Forfeit Unvested Equity Awards And He Promptly Quit: Report – Te

Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.