ZIM Integrated Shipping Services Stock Down 5% As Q2 Profit Misses Street

Shares of ZIM Integrated Shipping Services Ltd. (ZIM) are slipping over 5% on Wednesday morning after the shipping company reported second-quarter results, with earnings missing analysts' estimates.

ZIM is currently trading at $48.01, down $2.89 or 5.68%, on the NYSE. The stock opened its trading at $50.99 after closing Tuesday's trading at $50.90. The stock has traded between $40.67 and $91.23 in the past 52-week period.

ZIM's second-quarter profit rose to $1.34 billion or $11.07 per share from $888 million or $7.38 per share in the prior-year quarter. Revenues surged 44 percent to $3.43 billion from $2.38 billion, driven largely by elevated freight rates, offset by slightly lower volumes.

Analysts polled by Thomson Reuters expected earnings of $12.84 per share on revenues of $3.63 billion for the quarter. Analysts' estimates typically exclude special items.

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