ZIM Integrated Profit Hit Stems From Shipping Market Weakness

ZIM Integrated Shipping Services Ltd  (NYSE: ZIM ) shares are trading lower on Wednesday after the company  reported first-quarter results . Details Sales declined 30% year-over-year (Y/Y) to $1.40 billion, missing the consensus of $1.585 billion. Revenue declined due to lower freight rates along with a decline in carried volume. The cargo shipping company’s carried volume in the quarter was 866,000 TEUs, down 8% Y/Y. The average freight rate per TEU was $1,310 (-26% Y/Y). Adjusted EBITDA declined 60% Y/Y to $313 million, with margins of 22% vs. 39% in the prior year quarter.   The Haifa, Israel-based company generated adjusted loss per share of 71 cents,  missing the consensus loss of 53 cents . ZIM currently operates 114 container vessels with a combined capacity of 699,000 TEUs, along with 13 car carriers. Cash Flow Position & Liquidity Operating cash flow for the quarter was $263 million, compared to $855 million a year ago. Free cash flow for the quarter was $235 million. Capital expenditures were $31 million during the quarter. Net ... Full story available on Benzinga.com