NEW YORK - ZIM Integrated Shipping Services Ltd. (NYSE: ZIM ) saw its shares surge 8% after the container shipping company reported third quarter earnings that beat analyst expectations and raised its full-year guidance.

The Israel-based company reported Q3 adjusted earnings per share of $9.34, surpassing the analyst consensus estimate of $6.95. Revenue for the quarter came in at $2.77 billion, above the $2.39 billion analysts were expecting.

ZIM's strong results were driven by a 12% YoY increase in carried volume to a record 970,000 TEUs (twenty-foot equivalent units) in Q3. The average freight rate per TEU jumped 118% YoY to $2,480.

"ZIM delivered strong third quarter results, as we again achieved record carried volumes contributing to our outstanding financial performance," said Eli Glickman, ZIM President & CEO.

Looking ahead, the company raised its full-year 2024 guidance. ZIM now expects adjusted EBITDA between $3.3 billion and $3.6 billion, up from its previous forecast of $2.6 billion to $3.0 billion.

The company also declared a regular dividend of $2.81 per share plus a special dividend of $0.84 per share, for a total dividend of $3.65 per share.

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