2024-05-21 07:16:12 ET
Zim Integrated Shipping Services Ltd (NYSE: ZIM) is trading down in premarket on Tuesday after reporting worse than expected per-share earnings for its fiscal first quarter.
This is a developing story. Figures missing below will be updated as received!
Zim Integrated’s guidance for the future
The stock is taking a hit even though the cargo transport company raised its guidance for the full year.
now forecasts its adjusted EBITDA to fall between $1.15 billion and $1.55 billion in 2024. Eli Glickman – chief executive of the New York listed firm said in a press release today:
The cargo transport company ended the quarter with million in cash and billion of net debt. Zim Integrated stock is currently up nearly 100% versus its year-to-date low.
Zim Integrated Q1 earnings snapshot
Earned $92 million that translates to 75 cents a share
Had $58 million of loss (50 cents per share) a year ago
Adjusted EBITDA popped 14% as per the earnings report
Revenue also jumped 14% year-over-year to $1.56 billion
Consensus was $1.14 a share loss on $1.56 billion revenue
Zim Integrated saw carried volume decline % in the fourth quarter while average freight rate per TEU was down % in Q4. CEO Glickman also said on Wednesday:
This is a developing story. Check back in a few minutes for more updates!
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