Sam Boughedda

Investing.com — ZIM Integrated Shipping Services Ltd (NYSE 🙂 announced first-quarter results before the bell Wednesday, causing its shares to slide despite record net income.

The actual figure was $3.72 billion, compared with forecasts of $3.49 trillion. Additionally, earnings per share were reported by the shipping firm at $14.19, which was higher than consensus estimates of $12.73. 

ZIM’s highest-ever quarterly net income was $1.7B. The net income rose 190% over the $590 million earned in Q1 2021. 

Eli Glickman, president and CEO of ZIM said, “Building upon an extraordinary 2021, we continued our strong trajectory for the first quarter in 2022,”

Glickman said that ZIM’s proactive strategies helped the company achieve its highest quarterly revenues, net earnings, and adjusted EBITDA ever while maintaining industry-leading margins.

ZIM paid a cash dividend in the amount of $342million or $2.85 per share.

Additionally, Adjusted EBITDA was increased by the company and is expected to reach $7.8 billion to $8.2 billion by 2022.

Zim shares down by 6%