Americold raises full-year outlook as warehouse performance improves

Americold Realty Trust raised its full-year earnings outlook Thursday after reporting higher third-quarter revenue and improved warehouse margins, while a one-time gain from its joint venture with EQT drove a sharp swing to profit.

The temperature-controlled logistics company (NYSE: COLD) based in Atlanta reported net income of $683.4 million, or $2.38 per diluted share, for the quarter ended Sept. 30, compared with a loss of $11.4 million, or 4 cents per share, a year earlier. The turnaround primarily reflected a $714.1 million after-tax gain tied to the contribution of real estate assets to the joint venture, rather than a comparable increase in recurring earnings.

Revenue rose 4.2% to $691.6 million from $663.7 million. Adjusted funds from operations, or AFFO, totaled $101.3 million, compared with $100.7 million a year earlier, while AFFO per diluted share remained unchanged at 35 cents.

Americold increased its 2026 AFFO forecast to $1.31 to $1.33 per share, its second consecutive increase in the full-year outlook. Its previous range was $1.26 to $1.32 per share.

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