Americold Realty Trust (COLD) shares surged 6.9% on Thursday, following the release of its fourth quarter and full year 2024 earnings results. The temperature-controlled warehouse operator delivered strong operating performance, driven by significant margin improvements and robust same store NOI growth.

Highlights from the Q4 and full year 2024 results:

• Global Warehouse same store NOI increased 4.9% (5.9% on constant currency) in Q4 and 9.9% (11.4% constant currency) for full year 2024
• Warehouse services margins improved to 13.2% in Q4 from 6.3% a year ago, and reached 13.0% for full year 2024, up from 3.8% in 2023
• Adjusted FFO per diluted share of $0.37 in Q4 beat consensus estimate of $0.36
• Issued 2025 guidance for Adjusted FFO per share of $1.51-$1.59, vs consensus estimate of $1.55

The robust earnings results and positive outlook were driven by Americold's focus on improving workforce performance, operational efficiency, and retention. The company also cited progress on commercializing its business under fixed commitment storage contracts, which accounted for 59.0% of rent and storage revenues in Q4.

Investors reacted favorably to the strong Q4 performance and 2025 guidance, sending COLD shares 6.9% higher on the day. The significant margin expansion and same store NOI growth demonstrate Americold's ability to drive operating leverage amid various macroeconomic conditions.