ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) Q3 2024 Earnings Conference Call November 20, 2024 8:00 AM ET

Company Participants

Elana Holzman - Head of Investor Relations
Eli Glickman - President and Chief Executive Officer
Xavier Destriau - Executive Vice President and Chief Financial Officer

Conference Call Participants

Omar Nokta - Jefferies
Alexia Dogani - JPMorgan
Sathish Sivakumar - Citigroup

Operator

Ladies and gentlemen, thank you for standing by. My name is Christa and I will be your conference operator today. At this time, I would like to welcome everyone to ZIM Integrated Shipping Service Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

And I would now like to turn the conference over to Elana Holzman, Head of Investor Relations. You may begin.

Elana Holzman

Thank you, operator, and welcome to ZIM's Third Quarter 2024 Financial Results Conference Call. Joining me on the call today are Eli Glickman, ZIM's President and CEO; and Xavier Destriau, ZIM's CFO.

Before we begin, I would like to remind you that during the course of this call, we will make forward-looking statements regarding expectations, predictions, projections or future events or results. We believe that our expectations and assumptions are reasonable. We wish to caution you that such statements reflect only the company's current expectations and that actual events or results may differ, including materially.

You are kindly referred to consider the risk factors and cautionary language described in the documents the company filed with the Securities and Exchange Commission, including our 2023 Annual Report on Form 20-F filed with the SEC in March 2024. We undertake no obligation to update these forward-looking statements.

At this time, I would like to turn the call over to ZIM's CEO, Eli Glickman. Eli?

Eli Glickman

Thank you, Elana, and welcome, everyone. We are proud with ZIM's strong performance in the third quarter, in which we again delivered record carried volume as well as exceptional profitability, which underline our strong financial results.

We generated net income of $1.1 billion and revenue of $2.8 billion in the third quarter, as you can see in Slide Number 4. Adjusted EBITDA was $1.5 billion and adjusted EBIT was $1.2 billion, with adjusted EBITDA margin of 55% and adjusted EBIT margin of 45%, indicative of our continued strong financial position. We maintain total liquidity of $3.1 billion at quarter-end.