2023-05-22 07:02:09 ET
- ZIM Integrated Shipping Services press release ( NYSE: ZIM ): Q1 GAAP EPS of -$0.50 misses by $0.28 .
- Revenue of $1.37B (-63.2% Y/Y) misses by $220M .
- Shares +4% PM.
- Carried volume in the first quarter was 769 thousand TEUs, a year-over-year decrease of 10%.
- Average freight rate per TEU in the first quarter was $1,390, a year-over-year decrease of 64%.
- Net leverage ratio of 0.1x at March 31, 2023, compared to 0.0x as of December 31, 2022; net debt of $381 million, compared to net cash of $279 million as of December 31, 2022.
- CEO comment: "We continue to anticipate positive EBIT in 2023 despite macro and industry headwinds. Our expectation is for recovery in demand with inventory restocking to begin in the second half of this year, resulting in an improvement in freight rates. As such, for 2023, we have re-affirmed the guidance we shared earlier in the year of Adjusted EBITDA of between $1.8 billion and $2.2 billion and Adjusted EBIT of between $100 million and $500 million."
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ZIM Integrated Shipping Services GAAP EPS of -$0.50 misses by $0.28, revenue of $1.37B misses by $220M