Americold Realty Trust Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.86%.
Did COLD Beat Earnings? Q2 2025 Results
Americold Realty Trust delivered a sharply mixed second quarter, posting earnings of just $0.01 per diluted share against a consensus estimate of $0.11, a miss of roughly 91%, even as revenue of $650.75 million edged past expectations by 1.09%. The top line nonetheless slipped 1.5% year-over-year, weighed down by declining warehouse volumes and reduced transportation services revenue, with economic occupancy in the total warehouse segment falling 430 basis points to 73.8% as consumer conservatism, shifting buying habits, and the fading of counter-cyclical inventory builds pressured demand across the cold storage industry. On the cost side, SG&A climbed to $66.91 million from $59.45 million, partly reflecting the North American and Asia Pacific rollout of Project Orion, the company's new ERP system, while acquisition and other costs surged to $23.23 million. Looking ahead, management trimmed full-year 2025 AFFO per share guidance to $1.39 to $1.45 from $1.42 to $1.52, citing expectations that occupancy and throughput will remain below typical seasonal patterns through the second half.
- Lower warehouse volumes and throughput due to competitive environment and lapping of counter-cyclical inventory builds
- Changes in consumer buying habits and related food production level declines
- Annual rent and storage rate increases partially offsetting volume declines
- Improved same store warehouse services margin to 13.3% from 12.4% year-over-year
- Increased SG&A costs from Project Orion go-live in North America and Asia Pacific
- Net gain from sale of real estate of $11.76 million
- Absence of $110.7 million loss on debt extinguishment recorded in Q2 2024
“Our team continues to execute well in the current market, despite the impacts from multiple headwinds that are constraining occupancy levels across the industry. During the second quarter we made strong progress on our four key operational priorities and won new business, while continuing to manage the business tightly. As a result, the first half of the year has largely been in-line with expectations, demonstrating the resilience and breadth of our various operating levers.”
Americold CEO, on the earnings call
Forward Guidance & Outlook
Americold lowered its 2025 full-year AFFO per share guidance to $1.39–$1.45, down from the prior range of $1.42–$1.52, reflecting expectations for occupancy and throughput to remain below typical seasonality trends in the second half. Warehouse segment same store revenue growth guidance (constant currency) was revised to (4.0%)–0.0%, down from 0.0%–2.0%. Same store NOI growth is now expected to run 50–100 basis points below associated revenues, versus the prior guidance of 100 basis points higher. Other guidance items remained unchanged: warehouse non-same store NOI of $7M–$13M, transportation and third-party managed segment NOI of $40M–$44M, total SG&A of $270M–$280M, interest expense of $153M–$157M, current income tax expense of $6M–$8M, non-real estate D&A of $139M–$149M, maintenance capex of $60M–$70M, and development starts of $200M–$300M.
COLD YoY Financials
COLD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.