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Americold
🇺🇸 NYSE:COLD
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•
Dec 31, 2023

Americold Q4 2023 Earnings Report

Americold's Q4 2023 performance was marked by a decrease in total revenue, offset by growth in the Global Warehouse segment and a significant rise in AFFO per share. The company reported a net loss but saw improvements in Core EBITDA and Global Warehouse segment NOI. Strategic partnerships and developments were also announced.

Key Takeaways

Americold Realty Trust reported a decrease in total revenue for Q4 2023, but experienced growth in its Global Warehouse segment. The company delivered a substantial increase in AFFO per share and announced new strategic developments. Despite a net loss, there were improvements in Core EBITDA and Global Warehouse segment NOI.

AFFO per share increased by over 31% compared to the prior year's quarter, reaching $0.38.

Global Warehouse same store pool generated NOI growth of 7.9% on a constant currency basis.

Warehouse Services margins improved to 6.1%, a 330 basis point increase from the previous quarter.

Fixed commitment storage contracts accounted for 52.2% of rent and storage revenue, setting a new record for Americold.

Total Revenue
$679M
Previous year: $722M
-5.9%
EPS
$0.3
Previous year: $0.26
+15.4%
Total Warehouses
240
Previous year: 237
+1.3%
Average Physical Occupancy
73.6%
Previous year: 78.1%
-5.8%
Average Economic Occupancy
82.7%
Previous year: 83.8%
-1.3%
Gross Profit
$116M
Previous year: $188M
-38.5%
Cash and Equivalents
$60.4M
Previous year: $53.1M
+13.8%
Free Cash Flow
$96.8M
Previous year: $62.9M
+54.0%
Total Assets
$7.87B
Previous year: $8.1B
-2.9%

Americold

Americold

Americold Revenue by Segment

Forward Guidance

The Company announced its 2024 annual AFFO per share guidance to be within the range of $1.32 - $1.42.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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