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Sep 30, 2020
Americold Q3 2020 Earnings Report
Americold's financial performance remained stable, driven by acquisition activity and organic growth.
Key Takeaways
Americold Realty Trust announced its Q3 2020 results, demonstrating the stability of its temperature-controlled warehouse business. The company reported a 6.7% increase in total revenue and a 12.1% increase in NOI, driven by acquisitions and organic growth. Strategic acquisitions and expansions are expected to contribute to long-term growth.
Total revenue increased by 6.7% to $497.5 million.
Total NOI increased by 12.1% to $135.3 million.
Global Warehouse segment revenue increased by 6.1% to $388.0 million.
Americold entered into an agreement to acquire Agro Merchants Group for $1.74 billion.
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 is tightening its AFFO per share guidance to $1.26-$1.29 from $1.24-$1.30 for 2020. Please note that this guidance includes the impact of the Halls acquisition, and assumes a year end closing for Agro.
Positive Outlook
- Guidance includes the impact of the Halls acquisition
- Assumes a year end closing for Agro
Challenges Ahead
- SG&A expense from a range of $135-$140 million to $140-$143 million
- Managed & Transportation segment NOI from a range of $28-$31 million to $30-$31 million
- Deferred tax income benefit from a range of $2-$4 million to $4-$5 million
- Non-real estate depreciation and amortization from a range of $70-$72 million to $71-$74 million; subject to the Halls acquisition purchase price allocation
- Total maintenance capital expenditures from a range of $65-$73 million to $66-$70 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income