ZIM Integrated Shipping Services Ltd (NYSE:ZIM) reported a third-quarter sales decline of 36% year over year (Y/Y) to $1.78 billion, beating the consensus of $1.77 billion.

Details

Revenue declined due to lower freight rates and a smaller decline in carried volume.

The cargo shipping company’s carried volume in the quarter was 926,000 TEUs, down 5% Y/Y. The average freight rate per TEU was $1,602 (-35% Y/Y).

Adjusted EBITDA declined 61% Y/Y to $593 million, with margins of 33% vs. 55% in the prior year quarter.  

The Haifa, Israel-based company generated EPS of $1.02, vs. $9.34 last year, beating the consensus of 76 cents.

Cash Flow Position

Operating cash flow for the year was $628 million, compared to $1.5 billion a year ago. 

Capital expenditures were $67 ...