Why Zim Integrated Shipping Stock Is Down Big Today [Yahoo! Finance]
ZIM Integrated Shipping Services Ltd. Ordinary Shares (ZIM)
Company Research
Source: Yahoo! Finance
Investors were hoping for more, and Zim shares were down nearly 14% as of 11:30 ET Wednesday. Zim is treading water Zim owns and operates a fleet of cargo ships. This is a cyclical business , and 2023 was a difficult year. Concerns about the global economy and higher interest rates led big shipping customers to cut back on cargo volumes, which depressed prices for shipping services. Investors have worried that Zim is particularly vulnerable to a downturn because of its relatively high debt load. Zim lost $1.23 per share in the fourth quarter on revenue of $1.21 billion, beating Wall Street's forecast for a $1.29 loss per share on sales of $1.28 billion. Revenue was down 45% in the quarter and down 59% in 2023, a reflection of poor demand. CEO Eli Glickman said in a statement, "Against a backdrop of weakened market conditions, industry disruptions and operational challenges in 2023, ZIM's exceptional team of professionals remained resilient and intently focused on achieving o
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ZIM
News
- ZIM Integrated Shipping Services (ZIM) Increases Despite Market Slip: Here's What You Need to Know [Yahoo! Finance]Yahoo! Finance
- ZIM to Release First Quarter 2024 Results on Tuesday, May 21, 2024PR Newswire
- Want Better Returns? Don't Ignore These 2 Transportation Stocks Set to Beat Earnings [Yahoo! Finance]Yahoo! Finance
- ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) Shares Could Be 43% Below Their Intrinsic Value Estimate [Yahoo! Finance]Yahoo! Finance
- ZIM Integrated Shipping Services (ZIM) Stock Falls Amid Market Uptick: What Investors Need to Know [Yahoo! Finance]Yahoo! Finance
ZIM
Earnings
- 3/13/24 - Beat
ZIM
Sec Filings
- 3/13/24 - Form 20-F
- 3/13/24 - Form 6-K
- ZIM's page on the SEC website