Zim Integrated Shipping Services Ltd. (NASDAQ: ZIM) stock gained by 1.68% at last close while the ZIM stock price further rise during pre-market by 3.84%. ZIM Integrated Shipping Services is a multinational, asset-light container liner shipping firm that holds market-leading positions.
Financial Highlights
On May 19, 2021, ZIM announced its first-quarter 2021 financial results. Given below is the summary:
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- Total sales for the first quarter of 2021 were $1.74 billion, up from $823.2 million in the first quarter of 2020, owing to a rise in containerized shipping revenues, which reflected rises in both freight prices and transported capacity.
- Operating revenue was $683.5 million in the first quarter of 2021, compared to $24.9 million in the first quarter of 2020.
- The first quarter of 2021 brought in $589.6 million in net revenue, relative to a loss of $11.9 million in the first quarter of 2020.
- In the first quarter of 2021, adjusted EBITDA was $820.5 million, equivalent to $97.2 million in the first quarter of 2020. In the first quarter of 2021, adjusted EBIT was $687.8 million, up from $27.2 million in the first quarter of 2020. For the first quarter of 2021, adjusted EBITDA and adjusted EBIT margins were 47 percent and 39 percent, respectively. In the first quarter of 2020, these figures were 12 percent and 3%, respectively.
- The first quarter of 2021 produced $777.4 million in net cash from operational operations, compared to $101.6 million in the first quarter of 2020.
- In the first quarter of 2021, ZIM transported 818 thousand TEUs, up from 638 thousand TEUs in the first quarter of 2020. In the first quarter of 2021, the average freight cost per TEU was $1,925, relative to $1,091 in the first quarter of 2020.
Provided Insight on full-year 2021
Zim Integrated Shipping Services raised its full-year outlook, forecasting Adjusted EBITDA of $2.5 billion to $2.8 billion and Adjusted EBIT of $1.85 billion to $2.15 billion in 2021.