ZIM Integrated Shipping Services (NYSE: ZIM), the container shipping company based out of Israel announced its Q3 results with revenues of $3.23 billion, up 3% year-over-year and surpassing Street estimates by $70 million.
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Earnings came in at $9.66 per share versus $12.16 in the same period a year back and beating Street estimates of $9.39.
Eli Glickman, ZIM President & CEO, stated, “Driven by macroeconomic and geopolitical uncertainties, the near-term outlook for container shipping has shifted and the normalization in freight rates has begun. Based on our current market expectations, we now forecast 2022 adjusted EBITDA of between $7.4 billion to $7.7 billion and adjusted EBIT of between $6.0 billion to $6.3 billion, and note that both will once again represent full-year records.”
The company also declared a dividend of $2.95 per share, representing around 30% of its Q3 net income.
