ZIM - Why Is ZIM Integrated Shipping Services Stock Sinking Today? | Benzinga
ZIM Integrated Shipping Services Ltd (NYSE:ZIM) reported a fourth-quarter fiscal 2023 sales decline of 44.9% Y/Y to $1.21 billion, missing the consensus of $1.28 billion.
The Haifa, Israel-based company generated an EPS loss of $(1.23), beating the consensus of $(1.29).
Carried volume in the quarter was 786 thousand TEUs, vs. 823 thousand TEUs a year ago. The average freight rate per TEU was $1,102 (-48% Y/Y).
Adjusted EBITDA fell 80.5% Y/Y to $190 million, with margins of 15.8% compared to 44.5% a year ago.
ZIM’s total cash position decreased by $1.92 ...