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Sep 30, 2024
Americold Q3 2024 Earnings Report
Americold's Q3 2024 performance was marked by double-digit constant currency same store NOI growth and record services margins for the third consecutive quarter, alongside a new $148 million automation development in Dallas-Fort Worth.
Key Takeaways
Americold Realty Trust reported a positive Q3 2024, with AFFO per share increasing by 11% year-over-year to $0.35. The company experienced double-digit growth in Global Warehouse Same Store NOI on a constant currency basis and improved Same Store Warehouse Services Margins significantly. A $148 million automation development in Dallas-Fort Worth was also announced.
AFFO per share increased by 11% compared to the previous year's quarter, reaching $0.35.
Global Warehouse Same Store NOI grew by approximately 11% year-over-year on a constant currency basis.
Global Warehouse same store services margin increased to 14.5% from 3.5% in Q3 2023.
A new $148 million automation development in Dallas-Fort Worth was announced.
Americold
Americold
Americold Revenue by Segment
Revenue by Segment
Warehouse Revenue
CapyFin.comTransportation Revenue
CapyFin.comThird-Party Managed Revenue
CapyFin.com Forward Guidance
Americold provided annual guidance for 2024, which is subject to change and does not include the impact of future acquisitions, dispositions, or capital markets activity beyond previously announced plans.
Positive Outlook
- Warehouse segment same store revenue growth (constant currency) is expected to be between 1.5% and 3.5%.
- Warehouse segment same store NOI growth (constant currency) is projected to be 850 bps higher than associated revenue growth.
- Transportation and Managed segment NOI is anticipated to be between $43 million and $47 million.
- Deferred income tax benefit is expected to be between $8 million and $11 million.
- Development starts are projected to be between $300 million and $350 million.
Challenges Ahead
- Warehouse segment non-same store NOI is expected to be between $(5) million and $(2) million.
- Total selling, general and administrative expense (inclusive of share-based compensation expense of $24M - $26M and $5M - $7M of Orion amortization) is projected to be between $250 million and $258 million.
- Interest expense is expected to be between $133 million and $136 million.
- Current income tax expense is projected to be between $7 million and $9 million.
- Total maintenance capital expenditures are expected to be between $80 million and $90 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income