ZIM Integrated Shipping (NYSE:ZIM) stock is falling on Wednesday following the release of its second-quarter earnings report.
The first bit of bad news for ZIM stock is the company’s diluted earnings per share (EPS) of $11.07. That missed the $12.84 per share that Wall Street had expected, although it is a 50% improvement over the $7.38 reported in Q2 2021.
Revenue of $3.43 billion is also not helping ZIM stock today. That figure came in below analysts’ estimate of $3.63 billion. However, much like with its EPS, the company’s revenue did increase 44% year-over-year (YOY).
President and CEO Eli Glickman said the following in the earnings report:
“Over the past several weeks, we have seen a gradual decline in freight rates, including in the transpacific trades, despite continued port congestion and resilient demand, driven by macroeconomic and geopolitical uncertainties. The dynamic nature of our industry illustrates the importance of staying focused on ZIM’s core strategy and key strengths.”
ZIM Integrated Shipping reaffirmed its full-year guidance for 2022 in the earnings report. That includes adjusted EBITDA between $7.8 billion and $8.2 billion, as well as adjusted EBIT ranging from $6.3 billion to $6.7 billion.
Today, ZIM stock is seeing higher-than-normal trading volume alongside the Q2 earnings report. Over 5 million shares are moving as of this writing. That’s above the daily average trading volume of about 4.5 million shares.
ZIM stock is down 7% as of Wednesday morning.
Investors seeking more recent stock market news are in the right place!
InvestorPlace offers all of the latest stock news traders need to know about for Wednesday! That includes what has Hyzon Motors (NASDAQ:HYZN), Cassava Sciences (NASDAQ:SAVA) and Bed Bath & Beyond (NASDAQ:BBBY) shares moving today. You can find all that info at the links below!
More Wednesday Stock Market News
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
