Americold Q4 2024 Earnings Report

Americold reported a net loss but improved warehouse services margin in Q4 2024.

Key Takeaways

Americold Realty Trust reported total revenues of $666.4 million in Q4 2024, down 1.9% year-over-year. The company posted a net loss of $36.4 million, improving from a net loss of $226.8 million in Q4 2023. Adjusted FFO per share decreased by 2.1% to $0.37. The global warehouse segment saw a 4.9% increase in same store NOI, and the warehouse services margin improved significantly to 13.2% from 6.3% in Q4 2023.

Total revenue declined 1.9% year-over-year to $666.4 million.

Net loss improved to $36.4 million from $226.8 million in Q4 2023.

Warehouse services margin increased to 13.2% from 6.3% in Q4 2023.

Adjusted FFO per share declined by 2.1% to $0.37.

Total Revenue

$666M

Previous year: $679M

-1.9%

EPS

$0.37

Previous year: $0.3

+23.3%

Avg. Physical Occupied Pallets

3.69M

Previous year: 76

+4859110.5%

Avg. Economic Occupied Pallets

4.27M

Previous year: 83

+5146888.0%

Total Pallet Positions

5.52M

Previous year: 5.44M

+1.4%

Americold Revenue

Americold EPS

Americold Revenue by Segment

Forward Guidance

Americold expects stable revenue growth with improvements in warehouse operations for 2025.

Positive Outlook

Warehouse segment same store revenues projected to grow 2.0% - 4.0%.
Warehouse segment same store NOI expected to outpace revenue growth by 200 bps.
New developments include a $79 million facility in Canada and a $34 million expansion in New Zealand.
Strong focus on operational efficiencies and workforce performance.
Projected Adjusted FFO per share for FY25 between $1.51 and $1.59.

Challenges Ahead

Interest expense projected at $145M - $150M.
Non-real estate depreciation and amortization expenses expected between $139M - $149M.
Projected total selling, general, and administrative expenses between $280M - $289M.
Current income tax expense forecasted between $8M - $10M.
Projected total maintenance capital expenditures between $82M - $88M.