ZIM Integrated Shipping Services Ltd (NYSE:ZIM) shares are trading higher after it reported a second-quarter sales increase of 48% Y/Y to $1.93 billion, beating the consensus of $1.80 billion.
Israel-based cargo shipping company’s carried volume in the quarter was 952 thousand TEUs, up 11% Y/Y. The average freight rate per TEU was $1,674 (+40% Y/Y).
Adjusted EBITDA escalated 179% Y/Y to $766 million, with margins of 40% vs. 21% in the prior year quarter.
The Haifa, Israel-based company generated an EPS of $3.08, vs a loss of $1.79 last year, beating the consensus of $1.66.
ZIM’s total cash position decreased by $351 million from $2.69 billion as of December 31, 2023, to $2.34 billion as of June. Operating cash flow for the six months was $1.10 billion, compared to $520 million a year ago.
ZIM’s net leverage ratio was 2.0x as of June-end, compared to 2.2x as of December 31, 2023. Capital expenditures were $66 million during the quarter versus $26 million a year ago.
Dividend: The Board of Directors declared a cash dividend ...
