Why Zim Integrated Shipping Services Inched Higher Today
Zim Integrated Shipping Services (NYSE: ZIM) reported a better-than-expected third quarter on Wednesday, and news of the company's performance pushed its share price marginally higher. Double-digit gains during the trading session moderated toward the close, but the stock ended the day with a nearly 1% increase. That compared favorably to the flat line that was the S&P 500 (SNPINDEX: ^GSPC).
It was a beat-and-raise quarter for Zim, which saw its revenue more than double year over year. It landed at $2.77 billion, against the $1.27 billion of third quarter 2023. This was on the back of a 12% rise in carried volume, and a powerful 177% improvement in the logistics company's average freight rate.
The change on the bottom line was even more dramatic, with Zim flipping hard into a net profit of $1.13 billion ($9.34 per share) from the $2.27 billion loss in the year-ago period.
Source Fool.com
