Americold Realty Trust (NYSE:COLD) Announces Quarterly Earnings Results

Key Points

• Americold beat Q1 expectations, reporting EPS of $0.29 versus analysts’ estimate of a $0.04 loss and revenue of $629.87 million above the $613.77 million consensus.
• The company announced a $1.3 billion joint venture with EQT, contributing 12 U.S. properties and expecting about $1.1 billion in proceeds while retaining a 30% NOI stake and earning management fees.
• Management raised FY 2026 EPS guidance to $1.20-$1.30, though it also flagged a near-term AFFO headwind from the JV and ongoing pressure on warehouse NOI from pricing, throughput, and energy costs.

Americold Realty Trust (NYSE:COLD - Get Free Report) released its quarterly earnings results on Thursday. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.33, Briefing.com reports. The company had revenue of $629.87 million for the quarter, compared to the consensus estimate of $613.77 million. Americold Realty Trust had a negative net margin of 4.29% and a negative return on equity of 3.67%. Americold Realty Trust's revenue was up .2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.34 EPS. Americold Realty Trust updated its FY 2026 guidance to 1.200-1.300 EPS.

Here are the key takeaways from Americold Realty Trust's conference call:

• Joint venture with EQT: Americold is contributing 12 U.S. properties (~$1.3B seed pool) to a JV where EQT will hold 70%; Americold expects to receive approximately $1.1 billion (target close in Q3), retain a 30% share of NOI and earn ~$15–$20M/year in management fees while continuing to operate the assets.
• Q1 financials and demand stabilizing: Q1 AFFO per share was $0.29 (above consensus) — the third consecutive quarter meeting/exceeding consensus — and physical occupancy was flat year‑over‑year with pricing marginally ahead of guidance, allowing management to maintain its full‑year AFFO guide.
• Near‑term AFFO headwind from the JV: Management estimates the JV could be a roughly $0.10 per‑share AFFO headwind on a full‑year basis (about $0.06 for H2 2026), depending on timing of closing.
• Cost and portfolio actions underway: Americold executed $30M of targeted indirect labor/SG&A savings in Q1 (reducing >400 positions), is actively exiting/idling underperforming sites, and completed creative portfolio moves (including a bought asset placed on a 15‑year NNN lease yielding ~10% ROI).
• Operational pressures on NOI: Q1 warehouse NOI declined ~4.5% due to ongoing storage pricing pressure, lower throughput and a ~$2M energy cost headwind, though management notes pass‑throughs and hedges help mitigate energy exposure.

Americold Realty Trust Price Performance

Americold Realty Trust stock traded down $0.08 during mid-day trading on Friday, hitting $14.89. The company's stock had a trading volume of 7,772,465 shares, compared to its average volume of 4,114,957. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $4.24 billion, a P/E ratio of -38.18 and a beta of 0.89. Americold Realty Trust has a twelve month low of $10.10 and a twelve month high of $18.56. The stock's fifty day moving average price is $12.12 and its two-hundred day moving average price is $12.29.

Americold Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date was Tuesday, March 31st. Americold Realty Trust's dividend payout ratio (DPR) is presently -230.00%.

Key Americold Realty Trust News

Here are the key news stories impacting Americold Realty Trust this week:

• Positive Sentiment: Americold reported Q1 EPS and AFFO above expectations, with revenue also beating estimates, which suggests improving execution in its temperature-controlled logistics business. Americold Realty Trust earnings report
• Positive Sentiment: The company announced a $1.3 billion North American cold-storage joint venture with EQT, which it says will strengthen the balance sheet and provide more flexibility to invest for growth. Americold and EQT joint venture announcement
• Positive Sentiment: Management raised FY 2026 EPS guidance to 1.20-1.30, above the market’s prior expectation of 1.18, reinforcing confidence in the company’s outlook. Reuters article on Americold EQT joint venture
• Neutral Sentiment: Analysts and earnings previews focused on whether Americold could narrow losses, but the company’s reported results and guidance update largely answered that question for now. Americold earnings preview
• Neutral Sentiment: Quarterly revenue growth was only modest year over year, so investors may still be watching for stronger top-line momentum. Zacks earnings metrics article

Institutional Investors Weigh In On Americold Realty Trust

Several large investors have recently modified their holdings of COLD. Baupost Group LLC MA acquired a new stake in shares of Americold Realty Trust during the third quarter worth $44,064,000. Rush Island Management LP purchased a new stake in shares of Americold Realty Trust during the fourth quarter valued at $37,663,000. Morgan Stanley boosted its position in shares of Americold Realty Trust by 114.4% in the 4th quarter. Morgan Stanley now owns 5,330,331 shares of the company's stock valued at $68,548,000 after purchasing an additional 2,844,402 shares during the period. Royal Bank of Canada boosted its position in shares of Americold Realty Trust by 658.6% in the 4th quarter. Royal Bank of Canada now owns 2,834,082 shares of the company's stock valued at $36,445,000 after purchasing an additional 2,460,503 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Americold Realty Trust by 57.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,996,211 shares of the company's stock worth $64,251,000 after purchasing an additional 1,821,854 shares in the last quarter. 98.14% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on COLD. Bank of America lowered shares of Americold Realty Trust from a "buy" rating to an "underperform" rating and set a $13.00 price objective on the stock. in a research note on Thursday, February 5th. Robert W. Baird set a $15.00 price target on Americold Realty Trust in a research note on Friday. Weiss Ratings reiterated a "sell (d)" rating on shares of Americold Realty Trust in a research report on Friday, March 27th. Piper Sandler started coverage on Americold Realty Trust in a research note on Wednesday, April 1st. They issued a "neutral" rating and a $13.00 price objective on the stock. Finally, Wells Fargo & Company upped their price objective on Americold Realty Trust from $11.00 to $14.00 and gave the company an "equal weight" rating in a report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $14.43.

About Americold Realty Trust

Americold Realty Trust is a real estate investment trust specializing in temperature-controlled warehousing and logistics solutions. The company owns, operates, and develops a global network of cold storage facilities designed to support the storage, handling, and distribution of perishable products. Services include blast freezing, repacking, labeling, cross-docking, and transportation management, all integrated to streamline clients' cold chain operations and help ensure product quality and safety from origin to point of consumption.

With roots dating back to the early 20th century, Americold has expanded through strategic acquisitions and facility development to become one of the world's largest publicly traded cold storage providers.

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