Atlanta, Georgia, US: Americold reports total revenue of $661m in its second quarter results. This is a 1.7% change from $649.6m reported in in Q2 2023.
George Chappelle, chief executive, said: “it’s been another great quarter for organic growth at Americold as we produced double digit year-over-year growth in Global Warehouse Same Store NOI, Same Store Warehouse Services Margins, and ultimately AFFO.
He said “significant investments we have made in our technology and the processes we have put in place have resulted in enhanced revenue capture, and better labor and cost management. We have also been investing back into our business by doubling the capital deployment development guide from last year to $200 – $300m this year, and are tracking to potentially exceed that number. All of these efforts sets Americold up extremely well for the eventual return of consumer demand.”
- Second Quarter 2024 Highlights
Total revenue of $661.0 million, a 1.7% change from $649.6 million in Q2 2023 - Net loss of $64.4 million, or $0.23 loss per diluted common share
- Total Company NOI increased 17.1% to $215.5 million from $184.1 million in Q2 2023
- Total Company NOI margin increased 427 bps to 32.6% from 28.3% in Q2 2023
- Global Warehouse same store services margin increased to 13.2% from 1.1% in Q2 2023 on a constant currency basis.
- Core FFO of $95.0 million, or $0.33 per diluted common share
- AFFO of $109.4 million, or $0.38 per diluted common share
- Core EBITDA of $165.5 million increased $30.8 million, or 22.9% from $134.7 million in Q2 2023
- Core EBITDA margin of 25.0% increased 430 basis points from 20.7% in Q2 2023
- Global Warehouse segment same store revenue increased 3.4% on an actual basis, or increased 5.3% on a constant currency basis
- Global Warehouse segment same store NOI increased 17.3%, or 19.3% on a constant currency basis.
