Americold releases Q2 2020 financial results| Ti-insight.com

Americold

Americold Realty Trust has announced its financial and operating results for its second quarter ended June 30, 2020, total revenue increased by 10% year-on-year to $482.5m. This growth was driven by the incremental revenue from the 2019 and 2020 acquisitions, increased economic occupancy, continued strength in the retail sector and contractual rate escalations. These factors were partially offset by the translation impact of the strengthening US dollar, by the temporary closing on certain protein production plants and lower food service volumes.

For the second quarter of 2020, the company reported net income of $4.9m, or $0.03 per diluted share, for the same quarter of the prior year.

Core EBITDA was $100.5m for the second quarter of 2020, compared to $93.6m for the same quarter of the prior year. This reflects a 7.4% increase over the prior year, or 8.6% on a constant currency basis, largely impacted by increased Core EBIDTA from acquisitions and organic growth.

For the second quarter of 2020, Global Warehouse segment revenue was $372.4m, an increase of $34.2m, or 10.1%, compared to $338.2m for the second quarter of 2019. This growth was driven by the incremental revenue from the 2019 and 2020 acquisitions, increased economic occupancy, continued strength in the retail sector and contractual rate escalations. Global Warehouse segment margin was 32.3% for the second quarter of 2020.

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Regarding other business segments; the Third-party managed segment’s revenue rose by 18.4% to $72.9m, the Transportation segment saw revenue decrease by 4.5% to $34.9m whilst ‘Other’ contributed $2.3m.

Fred Boehler, President and Chief Executive Officer of Americold Realty Trust, stated, “While uncertainty and volatility exists in the market due to the COVID-19 pandemic, we are very pleased with our second-quarter results, which continue to prove out the stability and durability of our business model to own and operate mission critical temperature-controlled warehouse infrastructure.”

Source: Americold



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