Zim surges on strong Q2 performance and upgraded forecasts
A booming container market prompts Zim to sharply upgrade its annual profit outlook.
The Zim shipping company, controlled by Idan Ofer, published excellent reports for the second quarter of 2024 and raised its forecast for the entire year. Zim shares jumped more than 14% in pre-market trading on the New York Stock Exchange.
The company upgraded its annual operating profit forecast to a range of $1.45-1.85 billion, significantly higher than the previous forecast, which was $0-400 million.
The annual EBITDA forecast was also sharply improved, to a range of $2.6-3 billion, up from the previous forecast of $1.15-1.55 billion.
Zim ended the second quarter with revenues of $1.9 billion and a profit of $3.08 per share, substantially exceeding market expectations of $1.799 billion in revenue and a profit of only $1.66 per share.
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The number of containers carried by Zim ships in the quarter was 952,000, an increase of 11% compared to the same quarter last year. The average container price was $1,674, a jump of 40% compared to the corresponding quarter last year.
