Shares of ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) were on a downslide in pre-market trading at the time of publishing on Monday after the Israeli cargo shipping company swung to a diluted loss of $0.50 per share in the first quarter versus an earnings of $14.19 in the same period last year while analysts were expecting earnings of $0.27 per share.
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Even the company’s revenues fell 63% year-over-year to $1.37 billion, again falling short of analysts’ estimates of $1.59 billion. In another disappointment for investors, ZIM also announced that “in light of the net loss recorded in the first quarter of 2023, the Company will not pay a dividend to shareholders on account of its first quarter results.”
Looking forward, in FY23, the company expects “adjusted EBITDA of between $1.8 billion and $2.2 billion and adjusted EBIT of between $100 to $500 million in light of its expectation for improvement in market conditions during the second half of 2023, despite macroeconomic and industry headwinds.”
Analysts are sidelined about ZIM stock with a Hold consensus rating based on three Holds and one Sell.
