Americold: Low Protein Stocks Weigh On Cold Storage Throughput
via Yahoo Finance - February 19, 2021
Management from cold storage facility operator Americold Realty Trust (NYSE: COLD) said declines in protein inventories as well as other inventory-related supply chain disruptions are providing headwinds.
The Atlanta-based company reported adjusted funds from operations Thursday of 37 cents per share, 3 cents higher than the consensus estimate.
On a conference call with analysts, management said occupancy and flow-through have been pressured by reduced protein volumes and food services activity. The issue with proteins has been supply related as food manufacturers and producers, which normally operate with a 30-day supply, have seen stocks decline to a week in some instances.
Management said poultry supply is down more than 10%, with supply of other proteins off by as much as 30%.
While supply still hasn't recovered from pandemic-induced drawdowns and downtime at production plants during spikes in COVID cases, management believes the changes are not structural...
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