Zim Shares Jump After Reaffirmed Outlook
Shares of Zim Integrated Shipping Services rose after the company reaffirmed its outlook in the face of trade uncertainty.
The stock climbed 10.6% to $20.28 on Monday. Shares hit a 52-week low following the "Liberation Day" announcement of new U.S. tariffs in early April, but rallied and are now down about 4% overall this year.
The Israeli cargo-shipping company on Monday reiterated its full-year guidance despite what it called a heightened level of uncertainty. Chief Executive Eli Glickman said the company has taken steps to modify its network to match changes in cargo flow from China and Southeast Asia into the U.S.
Zim's first-quarter earnings beat Wall Street expectations on the top and bottom lines. The company recorded a profit of $296.1 million, or $2.45 a share, ahead of analysts' expectations of $236.7 million, or $1.87 a share. Revenue was $2.01 billion, above the $1.84 billion forecast by analysts, according to FactSet.
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