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- ZIM Integrated Shipping Services Ltd ZIM reported second-quarter revenues of $2.83 billion compared to $795 million in 2Q20, beating the consensus of $1.77 billion.
- EPS of $7.38 beat the consensus of $5.22.
- ZIM carried 921 thousand TEUs, compared to 641 thousand TEUs in 2Q20.
- The average freight rate per TEU was $2,341 versus $1,071 for 2Q20.
- The gross margin expanded by 3,840 bps to 51.3% from 12.9% in 2Q20.
- The Operating income increased to $1.16 billion from $69 million a year ago.
- Adjusted EBITDA increased to $1.34 billion, from $145 million in 2Q20, and margin expanded by 3,800 bps to 56%.
- ZIM generated cash from operating activities year-to-date of $1.96 billion, compared to $221 million a year ago. Free cash flow of $1.51 billion.
- ZIM's cash and cash equivalents were at $1.55 billion as of June 30, 2021. Net debt decreased to $783 million.
- ZIM had also declared a special cash dividend of ~$238 million, or $2.00 per ordinary share, to be paid on September 15, 2021, to holders of the common shares as of August 25, 2021.
- It reiterated the plan to distribute an annual dividend of 30-50% of 2021 net income in 2022.
- FY21 Outlook: ZIM expects to generate Adjusted EBITDA of $4.8 billion - $5.2 billion (prior $2.5 billion - $2.8 billion) and Adjusted EBIT of $4.0 billion - $4.4 billion (prior $1.85 billion - $2.15 billion).
- Price Action: ZIM shares are trading higher by 5.93% at $48.21 during the premarket session on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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