Americold Realty Trust the world’s largest owner and operator of temperature-controlled warehouses, announced financial and operating results for the first quarter ended March 31, 2018.
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Total revenue for the first quarter ended March 31, 2018 was $391.1 million, a 4.9% increase from the same quarter of the prior year. This growth was largely driven by a more favorable customer mix, a shift to a greater number of fixed commitment storage contracts, and contractual rate escalations within the Global Warehouse segment.
For the first quarter of 2018, Global Warehouse segment revenues were $286.5 million, an increase of $10.7 million, or 3.9%, compared to $275.8 million for the first quarter of 2017. This growth was primarily driven by a more favorable customer mix, a shift to a greater number of fixed commitment storage contracts, and contractual rate escalations.
Warehouse segment contribution (NOI) was $89.6 million, or 31.3% of segment revenue for the first quarter of 2018, compared to $83.5 million, or 30.3% of revenue, for the prior year. This represents 7.2% improvement in segment profitability over the first quarter 2017 and an expansion of 100 basis points in segment margin period-over-period. The year over year profit growth was driven primarily by a more favorable customer mix, a shift to a greater number of fixed commitment storage contracts, and labor and other productivity improvements. The Company continues to generate productivity improvements with its ongoing focus on continuous improvement initiatives driven by further adoption of its Americold Operating System ("AOS").
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