Zim Integrated Swings To Loss In Fiscal Q4
Zim Integrated Shipping Services Ltd. (ZIM) is in the red today even though it reported better-than-expected earnings for its fourth financial quarter.
The cargo transport company forecasts up to $1.45 billion in adjusted EBITDA for 2024. Eli Glickman – the chief executive of Zim Integrated said in a press release on Wednesday:
We’re well on our way to markedly improving our cost structure, enhancing our commercial resilience, and enabling reduced carbon emissions for both $ZIM and our customers moving forward.
The New York listed firm ended last year with $279 million in net cash and $2.3 billion of net debt on the balance sheet. Zim Integrated stock is now down more than 25% versus its year-to-date high.
Notable figures in Zim Integrated Q4 earnings release
- Lost $147 million that translates to $1.23 per share
- Had $417 million in net profit ($3.44 a share) lasts year
- Adjusted EBITDA crashed 80% as per the earnings report
- Revenue also tanked 45% year-over-year to $1.21 billion
- Consensus was $1.44 a share loss on $1.21 billion revenue
Zim Integrated saw carried volume decline 4.6% in the fourth quarter while average freight rate per TEU was down 48% in Q4. CEO Glickman also said on Wednesday:
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.
More By This Author:
Oracle Stock Pops 10% As ‘demand For Gen2 AI Infrastructure Exceeds Supply’ In Q3
Apple Is Reportedly Testing An AI-Powered Ads Product
Costco Stock: Should You Buy It On The Post-Earnings Dip?