15.11.2023 13:53:39

ZIM Slips In Pre-market After Q3 Loss, Lowered Outlook

(RTTNews) - Shares of ZIM Integrated Shipping Services Ltd. (ZIM) were trading down over 7 percent after the company posted a loss for the third-quarter of 2023 and revised its annual adjusted EBIT guidance.

ZIM was trading down by 7.95 percent at $7.18 per share in the pre-market trade on the New York Stock Exchange.

Eli Glickman, CEO of ZIM, said: "ZIM's third quarter results reflected the current operating environment, as demand remained weak and freight rates continued to deteriorate. Given our negative outlook for freight rates in the near future, we recorded a non-cash impairment loss of approximately $2.1 billion which negatively impacted our net results, as well as revised our full year guidance."

Looking ahead, ZIM has revised its guidance for the full-year 2023 to reflect continued weakness in freight rates and soft demand across all of the company's trades.

Excluding items, the company now expects to post EBITDA of $900 million to $1.100 billion and adjusted EBIT loss of $600 million to $400 million. This compares with its earlier EBITDA outlook of $1.2 billion to $1.6 billion, with adjusted EBIT loss of of $500 to $100 million.

For the third-quarter, the company registered a net loss of $2.270 billion or $18.90 per share, compared with a profit of $1.166 billion or $9.66 per share, recorded for the same period last year.

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