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ZIM Integrated Shipping Shares Soar After Q4 Results Top Estimates

ZIM Integrated Shipping Services Ltd (NYSE: ZIM) reported a fourth-quarter FY22 sales decline of 37% year-on-year to $2.19 billion, beating the consensus of $2.11 billion. The company attributed the revenue decline primarily to a decrease in freight rates. Carried volume in Q4 was 823 thousand TEUs, a year-over-year decrease of 4%. EPS of $3.44 beat the consensus of $3.05. Adjusted EBIT margin was 27% compared to 61% a year ago, and Adjusted EBIT declined 72.3% Y/Y to $585 million for the quarte