(RTTNews) - ZIM Integrated Shipping Services Ltd. (ZIM), a global container liner shipping company, reported Wednesday that net income for the second quarter surged to $1.34 billion or $11.07 per share from $888 million or $7.38 per share in the prior-year quarter.
Total revenues for the quarter surged 44 percent to $3.43 billion from $2.38 billion in the same quarter last year, primarily driven by elevated freight rates, offset by slightly lower volumes.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.28 per share on revenues of $3.31 billion for the quarter. Analysts' estimates typically exclude special items.
ZIM carried 856 thousand TEUs in the second quarter of 2022, compared to 921 thousand TEUs in the second quarter of 2021. The average freight rate per TEU was $3,596 for the second quarter of 2022, compared to $2,341 for the second quarter of 2021.
The Company reaffirmed its previously provided guidance for the full-year 2022 and expects to generate Adjusted EBITDA of between $7.8 billion and $8.2 billion and Adjusted EBIT of between $6.3 billion and $6.7 billion.
ZIM's Board of Directors declared a cash dividend of approximately $571 million, or $4.75 per ordinary share, payable on September 8, 2022 to holders of ZIM ordinary shares as of August 29, 2022.
