SA: ZIM Integrated Shipping surges as JP Morgan upgrades to 'Buy'
SEEKING ALPHA reports: ZIM Integrated Shipping (NYSE:ZIM) +6.6% in Monday’s trading after J.P. Morgan upgraded the stock to ...
SEEKING ALPHA reports:
– ZIM Integrated Shipping Services, press release (NYSE:ZIM): Q1 GAAP EPS of $14.19 beats by $1.38.
– Revenue of $3.72B (+113.8% Y/Y) beats by $230M.
– Adjusted EBITDA for the first quarter was $2.5B, a year-over-year increase of 209%
– Operating income (EBIT) for the first quarter was $2,2B, a year-over-year increase of 228%
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CEO Eli Glickman said in his prepared remarks:
“We are increasing our full year 2022 guidance, and now expect to generate Adjusted EBITDA between $7.8 billion and $8.2 billion and Adjusted EBIT between $6.3 billion and $6.7 billion. Our exceptional performance has also enabled us to continue returning substantial capital to shareholders, including a Q1 2022 dividend of $2.85 per share. We are excited to carry our exceptional momentum forward, continue executing our global-niche strategy and advancing ZIM’s position as an innovative digital leader of seaborne transportation to maximize long-term shareholder value.”
The full statement is here: “ZIM Reports Record Financial Results for the First Quarter of 2022“.
Stock up 3% to $67 in pre-market at the time of writing. Dow, S&P, Nasdaq futures down between 0.6% and 1.1%.
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