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Jun 30, 2024
Americold Q2 2024 Earnings Report
Americold's Q2 2024 showcased double-digit same-store NOI growth and record services margins, leading to raised full-year earnings guidance.
Key Takeaways
Americold Realty Trust reported a strong second quarter in 2024, marked by double-digit growth in Global Warehouse Same Store NOI and Same Store Warehouse Services Margins. The company's investments in workforce stabilization, technology, and process improvements drove enhanced revenue capture and cost management. Americold raised its full-year earnings guidance and is increasing its capital deployment for development.
Total revenue reached $661.0 million, a 1.7% increase compared to Q2 2023.
Total Company NOI increased by 17.1% to $215.5 million.
Global Warehouse same store services margin increased to 13.2% from 1.1% in Q2 2023 on a constant currency basis.
AFFO reached $109.4 million, or $0.38 per diluted common share.
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's guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.
Positive Outlook
- Warehouse segment same store revenue growth (constant currency): 2.0% - 4.0%
- Warehouse segment same store NOI growth (constant currency): 900 - 1000 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: $133M - $141M
- Current income tax expense: $7M - $10M
- Non real estate depreciation and amortization expense: $133M - $141M
Revenue & Expenses
Visualization of income flow from segment revenue to net income