ZIM - Why Is ZIM Integrated Shipping (ZIM) Stock Down Today?
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ZIM Integrated Shipping (NYSE:ZIM) stock is falling on Wednesday following the release of its earnings report for the second quarter of 2022.
The first bit of bad news for ZIM stock is the company’s diluted earnings per share of $11.07. That misses the $12.84 per share that Wall Street was expecting. Even if it’s a 50% improvement over the $7.38 reported in the second quarter of 2021.
Also not helping ZIM stock today is revenue of $3.43 billion. Yet again, that comes in below analysts’ estimate of $3.63 billion. Just like with EPS, the company’s revenue did increase year-over-year with a 44% gain.
Eli Glickman, president and CEO of ZIM Integrated Shipping, said the following in the earnings report.
“Over the past several weeks, we have seen a gradual decline in freight rates, including in the transpacific trades, despite continued port congestion and resilient demand, driven by macroeconomic and geopolitical uncertainties. The dynamic nature of our industry illustrates the importance of staying focused on ZIM’s core strategy and key strengths.”
ZIM Integrated Shipping reaffirmed its full-year guidance for 2022 in its earnings report. That includes Adjusted EBITDA between $7.8 billion and $8.2 billion, as well as Adjusted EBIT ranging from $6.3 billion to $6.7 billion.
ZIM stock is seeing higher-than-normal trading volume alongside its Q2 earnings report. This has over 5 million shares moving as of this writing. That’s above its daily average trading volume of about 4.5 million shares.
ZIM stock is down 7.3% as of Wednesday morning.
Investors seeking more recent stock market news are in the right place!
InvestorPlace offers all of the latest stock news traders need to know about for Wednesday! Among that is what has Hyzon Motors (NASDAQ:HYZN), Cassava Sciences (NASDAQ:SAVA), and Bed Bath & Beyond (NASDAQ:BBBY) shares moving today. You can find all that info at the links below!
More Wednesday Stock Market News
- Why Is Hyzon Motors (HYZN) Stock Down Today?
- Why Is Cassava Sciences (SAVA) Stock Up 20% Today?
- Why Is Bed Bath & Beyond (BBBY) Stock Up 300% in August?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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