Americold Announces Second Quarter 2025 Results

Core Insights - Americold Realty Trust reported total revenues of $650.7 million for Q2 2025, a 1.5% decrease from $661.0 million in Q2 2024, primarily due to lower volumes in the warehouse segment and a decrease in transportation services revenue [6][11]. - The company delivered an Adjusted FFO of $103.6 million, or $0.36 per diluted share, representing a 5.6% decrease from Q2 2024 [6][15]. - The company launched three innovative development projects during the second quarter, indicating a focus on future growth despite current market challenges [3][4]. Financial Performance - Net income for Q2 2025 was $1.6 million, or $0.01 per diluted share, compared to a net loss of $64.4 million, or $0.23 per diluted share, in Q2 2024 [13]. - Core EBITDA for Q2 2025 was $159.1 million, a decrease of 3.9% from $165.5 million in Q2 2024 [14]. - The Global Warehouse segment's same-store revenues decreased by 1.5% on both actual and constant currency bases compared to Q2 2024 [6][20]. Operational Highlights - The company launched three key projects: a development in Kansas City, an expansion in Allentown, and a flagship build in Dubai, all of which are experiencing strong customer demand [3][4]. - The Global Warehouse segment's same-store services margin increased to 13.3% from 12.4% in Q2 2024, indicating improved efficiency in service delivery [6][21]. - Economic occupancy percentage decreased to 73.8% from 78.1% year-over-year, reflecting challenges in maintaining occupancy levels [19]. 2025 Outlook - The company adjusted its AFFO/share guidance range to $1.39 - $1.45 for the full year 2025, anticipating continued challenges in demand and occupancy levels [3][5]. - The guidance for total selling, general, and administrative expenses is projected to be between $270 million and $280 million, inclusive of share-based compensation [7]. - The company expects the challenging demand environment to persist in the second half of the year, with occupancy and throughput levels remaining below typical seasonal trends [3].