NYSE$COLD
Americold Realty Trust · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Americold delivered exceptional operational results, executed on core priorities, and produced double-digit growth in total NOI, resulting in a year-over-year increase in AFFO per share.
Americold Realty Trust announced its first quarter 2024 results, reporting a total revenue of $665.0 million and a net income of $9.8 million. The company experienced a 12.4% increase in total NOI and achieved double-digit growth in services margins. It also broke ground on two developments and announced an expansion project in Sydney, Australia.
- Total revenue reached $665.0 million, a 1.7% change from Q1 2023.
- Total NOI increased 12.4% to $210.8 million.
- Net income was $9.8 million, or $0.03 per diluted common share.
- Global Warehouse segment same store NOI increased 8.6%, or 10.1% on a constant currency basis.
Headline financials
Revenue & EPS history
Americold · Revenue · Quarterly
$665M
Revenue by segment
Americold · $668M total across 3 segments · Q3 2023
- Warehouse Services$603M+0.6%90.2%
- Transportation Services$55.6M-27.1%8.3%
- Third-Party Managed Services$9.69M-88.2%1.5%
Forward guidance
The company provided its annual guidance for 2024
Tailwinds
- Warehouse segment same store revenue growth (constant currency): 2.5% - 5.5%
- Warehouse segment same store NOI growth (constant currency): 700 - 750 bps higher than associated revenue
- Transportation and Managed segment NOI: $42M - $47M
- Deferred income tax benefit: $6M - $8M
- Development starts: $200M - $300M
Headwinds
- Warehouse segment non-same store NOI: $(7)M - $1M
- Total selling, general and administrative expense (inclusive of share-based compensation expense of $23M - $25M and $5M - $7M of Orion amortization): $247M - $261M
- Interest expense: $135M - $143M
- Current income tax expense: $9M - $12M
- Total maintenance capital expenditures: $80M - $90M
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.1%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+1.7%
Avg return
30 days after
49%
18 / 37 earnings
Positive
+16.9%
Q1 2020
Best reaction
-9.9%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +15.1% | +16.5% | +15.7% | |
| Q4 2025 | +15.7% | +9.0% | -6.3% | |
| Q3 2025 | -7.3% | -11.1% | -15.8% | |
| Q1 2025 | -5.6% | -3.9% | -6.5% | |
| Q4 2024 | +6.2% | +5.5% | +1.3% | |
| Q3 2024 | -9.9% | -10.1% | -8.4% | |
| Q2 2024 | +0.4% | -0.8% | +0.6% | |
| Q1 2024 | +5.6% | +5.3% | +16.4% | |
| Q4 2023 | -7.7% | -10.6% | -11.1% | |
| Q3 2023 | +0.0% | -5.4% | +7.1% | |
| Q2 2023 | -1.4% | -2.0% | +2.6% | |
| Q1 2023 | +6.1% | +5.3% | +3.3% | |
| Q4 2022 | +3.8% | +1.0% | -8.8% | |
| Q3 2022 | +14.4% | +20.1% | +24.0% | |
| Q2 2022 | -4.0% | -2.1% | -10.4% | |
| Q1 2022 | -1.9% | -6.9% | +8.2% | |
| Q4 2021 | -0.3% | +1.9% | +1.4% | |
| Q3 2021 | -0.6% | -2.2% | +7.6% | |
| Q2 2021 | -3.1% | -6.0% | -1.9% | |
| Q1 2021 | -0.6% | -1.6% | +0.2% | |
| Q4 2020 | +3.2% | +5.0% | +4.8% | |
| Q3 2020 | +1.1% | -6.5% | -7.6% | |
| Q2 2020 | -3.5% | -5.6% | -7.4% | |
| Q1 2020 | +16.9% | +10.6% | +19.2% | |
| Q4 2019 | -5.2% | -9.5% | -18.1% | |
| Q3 2019 | -7.1% | -7.5% | -2.5% | |
| Q2 2019 | +4.4% | +4.6% | +8.7% | |
| Q1 2019 | -4.7% | -4.6% | -2.1% | |
| Q4 2016 | -1.8% | +0.7% | +7.6% | |
| Q4 2018 | +3.0% | -0.4% | +5.8% | |
| Q2 2017 | +1.3% | +1.7% | +4.4% | |
| Q1 2017 | +1.3% | +1.7% | +4.4% | |
| Q3 2017 | +1.3% | +1.7% | +4.4% | |
| Q3 2018 | +5.7% | +4.1% | +11.7% | |
| Q2 2018 | +0.6% | +3.9% | +9.6% | |
| Q4 2017 | -0.0% | +2.0% | +1.2% | |
| Q1 2018 | -0.0% | +2.0% | +1.2% |
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