Q1 25 EPS
$-0.06
MISS 180.00%
Est. $0.08
Q1 25 Revenue
$629.0M
MISS 5.62%
Est. $666.5M
vs S&P Since Q1 25
-29.5%
TRAILING MARKET
COLD -0.5% vs S&P +29.0%
Market Reaction
Did COLD Beat Earnings? Q1 2025 Results
Americold Realty Trust delivered a disappointing first quarter, missing on both the top and bottom lines as softer warehouse volumes and a difficult year-ago comparison weighed heavily on results. The temperature-controlled REIT reported revenue of $… Read more Americold Realty Trust delivered a disappointing first quarter, missing on both the top and bottom lines as softer warehouse volumes and a difficult year-ago comparison weighed heavily on results. The temperature-controlled REIT reported revenue of $628.98 million, down 5.4% year-over-year and trailing the $666.46 million consensus estimate by 5.62%, while a GAAP loss of $0.06 per diluted share fell well short of the $0.07 per share analysts had expected, a miss of 180.00%. The primary culprit was a combination of lower economic occupancy, which declined 470 basis points to 74.7%, elevated charges tied to its Project Orion ERP rollout, and the unwinding of unusually high counter-cyclical inventory levels that had bolstered Q1 2024 comparisons. Not all was grim; the Global Warehouse segment margin expanded 120 basis points to 34.2%, and the company closed a $108.40 million Houston warehouse acquisition anchored by a major new retail customer. Still, management trimmed its full-year AFFO guidance to $1.42-$1.52 per share and cut same-store revenue growth expectations to 0.0%-2.0%, citing persistent macroeconomic headwinds including inflationary pressures and shifting consumer demand patterns.
Key Takeaways
- • Lower warehouse volumes and throughput pallets due to lapping unusually high counter-cyclical inventory levels in Q1 2024
- • Decrease in transportation services revenue primarily due to customer exits
- • Annual rate increases in the normal course of operations partially offsetting volume declines
- • Improved workforce performance, operational efficiency, and retention driving 120 basis point warehouse margin expansion to 34.2%
- • Same store services margin improved to 11.3% from 10.1% in Q1 2024
- • Increased Acquisition, cyber incident, and other charges to $25.4M from $15.0M driven by closed site related charges
- • Higher SG&A expenses related to Project Orion go-live
- • Interest expense increased to $36.1M from $33.4M year-over-year
COLD YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
COLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased with our first quarter 2025 results, which included delivering AFFO of $0.34 per share in line with expectations. This performance was enabled by our successful efforts over the past three years to create a more stable and productive workforce, as well as the enhancements we have made to our technology and operating platforms. We believe these initiatives have created a more solid and resilient foundation that allows us to effectively navigate in the current operating environment and positions us well for the long term.”
— George Chappelle, Q1 2025 Earnings Press Release
COLD Earnings Trends
COLD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
COLD EPS Trend
Earnings per share: estimate vs actual
COLD Revenue Trend
Quarterly revenue: estimate vs actual
COLD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.04 | $-0.05 | -225.00% | $629.9M | +4.60% |
| Q4 25 BEAT FY | $0.09 | $0.38 | +322.22% | $658.5M | +0.60% |
| FY Full Year | $-0.04 | $1.43 | +3,480.61% | $2.60B | -0.41% |
| Q3 25 BEAT | $0.10 | $0.35 | +250.00% | $663.7M | +0.16% |
| Q2 25 MISS | $0.11 | $0.01 | -90.91% | $650.7M | +1.09% |
| Q1 25 MISS | $0.08 | $-0.06 | -180.00% | $629.0M | -5.62% |