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Investing.com — ZIM Integrated Shipping Services (NYSE:ZIM) reported its fourth-quarter and full-year earnings Wednesday before the opening bell.
The integrated shipping company revealed revenue of $3.47 billion, above analysts’ expectations of $2.37 billion. In addition, earnings per share came in at $14.17, beating expectations by $0.97.
The company brought in $10.73 billion in revenue for the full year, up 169% from the previous year. In addition, the company’s earnings for 2021 were reported to be $4.64 billion or $39.02 per share.
Carried volume in the fourth quarter was 858 thousand Twenty-foot Equivalent Units (TEUs), a year-over-year increase of 7%. Carried volume for the full year was 3,481 thousand TEUs, a year-over-year increase of 23%, “significantly above average industry growth,” the company stated.
TEUs are an exact unit of measurement used to determine cargo capacity.
“In our first year as the only global container liner listed on New York Stock Exchange, ZIM has achieved historically extraordinary results and executed on commitments made during our IPO process,” said Eli Glickman, President and CEO of Zim.
He also stated that the company generated its “highest ever full year of revenues, adjusted EBITDA, net profit and operating cash flows.”
The company forecasts adjusted EBITDA between $7.1 billion and $7.5 billion for 2022.
Zim shares hit a high of $77.45 on Wednesday following the report.
