November 7, 2019 6:15 PM, EST

Americold’s Net Income Climbs 10.6% in Q3

AmericoldAn Americold facility. (Americold)

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Americold Realty Trust, a global real estate company focused on temperature-controlled warehouses, said it grew its net income by 10.6% to $27.1 million in the quarter ended Sept. 30, over income of $24.5 million in the same quarter last year.

Earnings per share were 14 cents, compared with 17 cents in the same period in 2018.

Revenue was up 16% to $466.2 million, from $402 million a year ago.

Growth was driven by contribution from second-quarter acquisitions and operating efficiency gains, said Fred Boehler, Americold CEO.

“As we look ahead to the end of the year and into 2020, underlying supply and demand dynamics within our industry remain steady,” Boehler said. “We continue to see a wealth of potential opportunities. Our strong balance sheet supports our ability to execute a multi-pronged growth strategy, and we have demonstrated our ability to integrate new properties and portfolios efficiently and effectively.”

Americold officials said for the third quarter of 2019, its Global Warehouse segment revenue was $365.6 million, an increase of $68.4 million, or 23%, compared with $297.2 million in 2018.

The company offers inventory management and packaging, order fulfillment, returned goods management, supply chain consulting, transportation management, warehousing and distribution.

Atlanta-based Americold ranks No. 17 on the Transport Topics Top 50 list of largest logistics companies in North America.

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