ZIM Integrated Shipping Misses Q2 Earnings Estimates, Cites 'Current Market Realities'
Portfolio Pulse from Lekha Gupta
ZIM Integrated Shipping Services Ltd reported a 62% Y/Y sales decline to $1.31 billion, missing the consensus of $1.35 billion for Q2. The company generated an EPS loss of $(1.79), vs. consensus of $(0.88). Adjusted EBITDA fell 87% Y/Y to $275 million. The company's total cash position stood at $3.2 billion as of June 30. ZIM shares are trading lower by 5.51% at $12.70 premarket on the last check Wednesday.
August 16, 2023 | 1:26 pm
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NEGATIVE IMPACT
ZIM Integrated Shipping Services Ltd reported lower than expected Q2 earnings and a significant decline in sales and EBITDA. The company's shares are trading lower in premarket.
ZIM's lower than expected Q2 earnings and significant decline in sales and EBITDA are likely to negatively impact the company's stock price in the short term. The company's shares are already trading lower in premarket, indicating a negative investor sentiment.
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