The owner and operator of temperature-controlled warehouses Americold Realty Trust reported fourth-quarter and full-year 2017 results, reflecting the company prior to its initial public offering that was conducted this January.
Americold’s fourth quarter net income was $8 million, down 35% from $12.4 million in the same period in 2016. Revenue rose 1.8% to $401.7 million. Its global warehouse segment reported revenue of $297.6 million in the quarter, up from $291 million.
For the full year, Americold reported a net loss of $600,000 compared with net income of $4.9 million in 2016. Revenue in 2017 came in at $1.5 billion, an increase of nearly 4%. For the full year the global warehouse segment reported revenue of $1.1 billion compared with a little under $1.1 billion in 2016.
In its IPO Americold issued 33.4 million common shares and raised $494 million.
“With the successful completion of our initial public offering we are now the first publicly traded owner-operator dedicated to temperature controlled infrastructure,” said Fred Boehler, CEO.
Americold operates 160 warehouses covering 945.3 million cubic feet, with 145 in the United States, six in Australia, seven in New Zealand, two in Argentina and three in Canada. The company, founded in 1911, generated revenue of $1.4 billion in the 12 months ended Sept. 30, 2017 and ranks No. 8 on Transport Topics’ Top 50 list of largest logistics companies in North America.
Americold controls an estimated 20% of total cubic footage of refrigerated storage space in the United States and about 4.5% globally, according to the International Association of Refrigerated Warehouses.