Americold shares rise 3.9% after Q3 revenue tops estimates

Americold Realty Trust (COLD) reported third-quarter revenue of $691.6 million, topping the $653.6 million consensus and raising its full-year Adjusted FFO per share forecast.

Shares rose 3.9% at 3:59 p.m. ET, from a $15.19 close.

Revenue rose 4.2% from $663.7 million a year earlier. Transportation services revenue increased, and the company recorded $13.1 million of management fees and reimbursed costs tied to its joint venture with EQT.

Net income was $683.4 million, or $2.38 per diluted share, compared with a net loss of $11.4 million, or 4 cents per share, a year earlier. The swing reflects a $714.1 million gain on the contribution of real estate assets to the joint venture, net of tax.

Adjusted FFO was $101.3 million, or 35 cents per diluted share, unchanged from a year earlier. Core EBITDA rose 7.5% to $159.4 million, and its margin widened to 23.0% from 22.3%.

Here's how the company did:

• Revenue: $691.6 million vs. $663.7 million a year earlier
• Adjusted FFO per diluted share: 35 cents vs. 35 cents a year earlier
• Net income per diluted share: $2.38 vs. a loss of 4 cents a year earlier

Same-store warehouse revenue rose 5.7% on an actual basis, and same-store net operating income (NOI) rose 6.0%. The same-store services margin reached 15.9%, up from 13.6%.

CEO Rob Chambers said, "Ongoing gains in occupancy, throughput and pricing, along with lower SG&A from our cost savings initiatives, contributed to year-over-year growth in revenue and NOI."

2026 guidance

Americold raised its 2026 Adjusted FFO per share range to $1.31 to $1.33, from $1.26 to $1.32.

Core EBITDA guidance rose to $585 million to $610 million, from $570 million to $600 million. Constant-currency same-store warehouse revenue guidance is now $2.06 billion to $2.10 billion, up from $2.03 billion to $2.09 billion.

The company raised its total selling, general and administrative expense forecast to $260 million to $265 million, from $250 million to $260 million.

Joint venture and balance sheet

The EQT joint venture closed on August 31. Americold retained a 30% interest and serves as the day-to-day property manager.

The transaction reduced outstanding debt by $1.15 billion.

At September 30, total liquidity was about $950.4 million. Net debt was about $3.3 billion, or about 6.2 times pro forma Core EBITDA. Unsecured debt made up 93.4% of total debt.