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Mar 31, 2024
Americold Q1 2024 Earnings Report
Americold delivered exceptional operational results, executed on core priorities, and produced double-digit growth in total NOI, resulting in a year-over-year increase in AFFO per share.
Key Takeaways
Americold Realty Trust announced its first quarter 2024 results, reporting a total revenue of $665.0 million and a net income of $9.8 million. The company experienced a 12.4% increase in total NOI and achieved double-digit growth in services margins. It also broke ground on two developments and announced an expansion project in Sydney, Australia.
Total revenue reached $665.0 million, a 1.7% change from Q1 2023.
Total NOI increased 12.4% to $210.8 million.
Net income was $9.8 million, or $0.03 per diluted common share.
Global Warehouse segment same store NOI increased 8.6%, or 10.1% on a constant currency basis.
Americold
Americold
Americold Revenue by Segment
Revenue by Segment
Warehouse Revenue
CapyFin.comTransportation Revenue
CapyFin.comThird-Party Managed Revenue
CapyFin.com Forward Guidance
The company provided its annual guidance for 2024
Positive Outlook
- Warehouse segment same store revenue growth (constant currency): 2.5% - 5.5%
- Warehouse segment same store NOI growth (constant currency): 700 - 750 bps higher than associated revenue
- Transportation and Managed segment NOI: $42M - $47M
- Deferred income tax benefit: $6M - $8M
- Development starts: $200M - $300M
Challenges Ahead
- Warehouse segment non-same store NOI: $(7)M - $1M
- Total selling, general and administrative expense (inclusive of share-based compensation expense of $23M - $25M and $5M - $7M of Orion amortization): $247M - $261M
- Interest expense: $135M - $143M
- Current income tax expense: $9M - $12M
- Total maintenance capital expenditures: $80M - $90M
Revenue & Expenses
Visualization of income flow from segment revenue to net income