13.03.2024 12:28:18
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ZIM Slips To Q4 Loss On Weak Freight Rates; Issues FY24 Adj. Earnings View; Stock Down In Pre-market
(RTTNews) - ZIM Integrated Shipping Services Ltd. (ZIM) reported Wednesday that its fourth-quarter net loss was $147 million, compared to a net profit of $417 million a year ago.
Loss per share was $1.23, compared to earnings per share of $3.44 in 2022.
Analysts on average expected the company to report a loss of $1.29 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Adjusted EBITDA for the fourth quarter decreased 80 percent year-over-year to $190 million.
The container liner shipping company's total revenues were $1.21 billion, a decrease of 45 percent from prior year's $2.19 billion, mainly driven by the decrease in freight rates. The Street was looking for revenues of $1.28 billion for the quarter.
ZIM carried 786 thousand TEUs in the quarter, down 4.6 percent from last year. The average freight rate per TEU was $1,102, a decline of 48 percent from the prior year.
Looking ahead to fiscal 2024, the company expects to generate adjusted EBIT between a loss of $300 million and earnings of $300 million, and adjusted EBITDA between $850 million and $1.45 billion.
In fiscal 2023, adjusted EBIT loss was $422 million and adjusted EBITDA of $1.049 bllion.
Eli Glickman, ZIM President & CEO, stated, "During a time when the market remains volatile, our strong cash position will enable us to continue to maintain a long-term view.... . Looking ahead, we intend to continue to take decisive steps to further benefit from our strategic transformation and expect ZIM to emerge in a stronger position than ever in 2025 and beyond."
In pre-market activity on the NYSE, ZIM shares were losing around 6.52 percent to trade at $10.90.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
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ZIM Integrated Shipping Services Ltd. Registered Shs | 17,48 | -0,55% |