Americold Realty Trust reported third‑quarter 2025 results that included a revenue of $663.7 million, a $0.64 % beat over the consensus estimate of $659.51 million, and earnings per share of $0.04, falling short of the $0.06 consensus by $0.02 (33.3 % miss). The company reiterated its full‑year 2025 guidance, maintaining a revenue outlook of $4.14 billion and an adjusted FFO per share of $1.39.
Revenue growth was modest, driven by a 1.6 % year‑over‑year decline to $663.7 million from $674.2 million in Q3 2024. The decline was largely attributable to lower same‑store revenue in the Global Warehouse segment, which saw a 1.6 % drop in same‑store services revenue. In contrast, the Transportation segment held steady, offsetting some of the weakness in warehousing. The company’s same‑store economic occupancy fell to 75.5 % from 78.3 % in the prior quarter, reflecting intensified competition and shifting consumer buying habits.
The EPS miss was driven by a combination of lower volumes and higher operating costs. The Global Warehouse segment’s same‑store NOI contracted from $1.2 billion to $1.1 billion, a decline of 8.3 % driven by seasonal power‑price increases and reduced throughput. Core EBITDA margins slipped to 22.3 % from 23.3 % year‑over‑year, while the same‑store services margin fell to 12.3 % from 13.6 %. These margin compressions, coupled with a 1.6 % revenue decline, pushed earnings below expectations.
Management highlighted operational resilience amid headwinds. CEO Rob Chambers said the company’s “unwavering commitment to operational excellence” helped deliver an AFFO of $0.35 per share, in line with expectations, despite “ongoing industry headwinds.” CFO Jay Wells noted that the same‑store economic occupancy of 75.5 % was “down year‑over‑year, reflecting the continued demand pressure that we have seen in the market” and that “same‑store NOI contracted from the prior quarter, primarily due to the seasonal increases in power costs, in line with our guidance.”
Looking forward, Americold reiterated its full‑year 2025 outlook, maintaining guidance for warehouse‑segment same‑store revenue growth between –4.0 % and 0.0 % and an adjusted FFO per share of $1.39. The company emphasized confidence in the long‑term strength of the cold‑storage industry, citing its critical role in the food supply chain and its unique infrastructure and operational expertise. However, it acknowledged that “excess capacity, consumer pressures, and competitive pricing” remain headwinds that could constrain occupancy and rates in the near term.
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