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Investing.com — ZIM Integrated Shipping Services Ltd (NYSE:ZIM) announced first-quarter results before the bell Wednesday, causing its shares to slide despite record net income.
Revenue came in at $3.72 billion compared to forecasts of $3.49 billion. In addition, the shipping company reported earnings per share of $14.19, yet again above the consensus of $12.73.
ZIM generated its highest ever quarterly net income of $1.7 billion. Net income increased 190% compared to $590 million reported in Q1 2021.
“Building on an extraordinary 2021 for ZIM, we maintained our strong trajectory in the first quarter of 2022, delivering on our commitment to outstanding execution and profitable growth,” said President and CEO Eli Glickman.
Glickman added that due to ZIM’s “proactive strategies,” the company achieved its “highest-ever quarterly revenues, net income and adjusted EBITDA, while achieving industry-leading margins.”
ZIM declared a cash dividend of approximately $342 million or $2.85 per share.
Furthermore, the company increased its full-year guidance and expects to generate Adjusted EBITDA of between $7.8 billion and $8.2 billion in 2022.
Zim shares are down 6%.
