What factors drove the changes in Lineage's revenue and profit?

What is Lineage's gross profit margin?

What is Lineage's latest dividend and current dividend yield?

What is the market's earnings forecast for Lineage next quarter?

What does Lineage do and what are its main business segments?

What were the key takeaways from Lineage's earnings call?

What were the key takeaways from Lineage’s earnings call?

What guidance did Lineage's management provide for the next earnings period?

- **Revenue and EBITDA Growth**: Q3 revenue up 3%, adjusted EBITDA at $341 million, despite 3.6% year-over-year decline in same-warehouse NOI.
- **GIS Momentum**: GIS NOI up 16% to $65 million, driven by U.S. transportation and DTC businesses.
- **Tariff-Related Challenges**: Q4 guidance lowered due to 20% drop in U.S. West Coast container volumes and $20 million NOI decline.
- **Strategic Initiatives**: LinOS deployment in 7 sites, with double-digit productivity gains; 2026 interest expense forecasted at $340-$360 million.

**【CEO Summary Section】**
- Total revenue increased by 3% to $341 million, with adjusted EBITDA up 2% year-over-year. AFFO per share was $0.85, down 6% due to the company's IPO in Q3 2024.
- Same-store physical occupancy improved sequentially by 50 basis points to 75%, driven by muted seasonal patterns. Same-store NOI increased to $351 million but declined 3.6% year-over-year.
- Global integrated solutions (GIS) segment saw NOI grow 16% to $65 million, led by U.S. transportation and direct-to-consumer businesses.
- Q4 guidance revised to lower end of full-year ranges due to $20 million decline in same-warehouse NOI, driven by tariff-related import/export volume declines and U.S. new business underperformance.

**【CFO Financial Commentary】**
- GAAP net income was $420 million, with Non-GAAP EPS at $1.08, exceeding expectations. Total net debt was $7.55 billion, and leverage ratio was 5.8x.
- 2026 interest expense forecasted at $340-$360 million, up $80 million year-over-year due to expiring hedges and capital deployment.
- Q4 EBITDA guidance of $319-$334 million reflects lower container volumes and new business headwinds, with AFFO per share at $0.68-$0.78.

**【Q&A Highlights】**
- **Tariff Impact**: U.S. West Coast container volumes down 20%, affecting services revenue and GIS drayage. Customers delaying reorders amid tariff uncertainty.
- **Pricing Strategy**: No change in pricing approach; net price increases of 1-2% expected for 2025, with no trade-off between volume and price.
- **Excess Capacity**: U.S. new supply growth slowing to 1.5% in 2026, with market-by-market absorption (e.g., New Jersey, Dallas). Global occupancy outperformed U.S. due to international demand resilience.
- **LinOS Technology**: 7 sites deployed, achieving double-digit productivity improvements. Full rollout expected by year-end 2025, with accelerated 2026 deployment planned.

Lineage, Inc. (LINE) Q3 2025 Earnings Call Transcript

Global Warehousing

Global Integrated Solutions

LINE

LINE fundamentals

You can ask Aime