Americold has reported total revenue for the year 2020 increased to $1.99bn growing by 11.4% in comparison to 2019. The growth has been attributed to continued organic growth and acquisition activity. In total, Americold closed on $2.6bn of acquisitions in 2020 and added 62 facilities totalling 342m cu ft to its global network. It entered key strategic markets in Europe and Canada through platform transactions and in Brazil through two joint ventures. Operating income totalled $168.4m, a decrease of $37m (-28.1%) in comparison to 2019.
Warehouse segment revenues were $1.549bn for 2020, an increase of $172m, or 12.5%, compared to the previous year. On a constant currency basis, warehouse segment revenues were $1.555bn, an increase of 12.9% y-o-y. Increased economic occupancy, continued strength in the retail sector and contractual rate escalations are factors in the rise of revenue over the year. Third-party managed revenues were $291.8m, an increase of $38.8m, or 15.4% y-o-y. On a constant currency basis, third-party managed revenues were $241.7m, an increase of 4.3% y-o-y. Transportation revenues were $142.2m for 2020, a decrease of 1.8% y-o-y. On a constant currency basis, transportation revenues decreased by 1.3% YoY to $145.0m.
Fred Boehler, President and CEO of Americold Realty Trust, stated, “We attribute these strong results to our portfolio’s diversity and scale, as well as the effectiveness of the Americold Operating System and our commercialization efforts, which enabled us to overcome the supply chain disruption and financial impact of COVID-19. As we look ahead to 2021 and beyond, we will continue to focus on driving internal growth, integrating our recent acquisitions and executing strategic growth initiatives. Above all, we will continue to support our customers as an integral part of the global food supply chain, and our success in doing so should result in lasting shareholder value creation.”
Source: Americold
