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Dec 31, 2024
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.
Americold
Americold
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.