Primo Brands Corporation

PRMW

Equity

ISIN CA74167P1080 / Valor 52890861

New York Stock Exchange, Inc (2024-11-08)

USD 24.21-0.94%

Primo Brands Corporation
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About company

Primo Water Corporation is a leading water solutions provider in North America and Europe, generating approximately $2.2 billion in annual revenue. The company operates under a recurring revenue model in the large format water category, offering innovative water dispensers sold through various channels. Primo Water's razorblade offering includes Water Direct, Water Exchange, and Water Refill services, providing sustainable hydration solutions to customers at home or businesses. With approximately 10,800 locations for dispenser sales, 17,500 retail locations for Water Exchange, and 23,500 self-service refill machines for Water Refill, Primo Water aims to expand consumer access to purified, spring, and mineral water while reducing plastic waste and pollution. The company is committed to water stewardship standards and partners with the International Bottled Water Association to ensure quality and sustainability in its products and services.

Summarized from source with an LLMView SourceSector: Consumer Non-Cyclicals

Revenue Growth

Primo Water Corporation reported a 4% increase in revenue for the first quarter of 2023, reaching $547 million compared to $526 million in the same period of 2022. Excluding the impact of foreign exchange, the revenue growth was 6%. This growth was driven by an 11% increase in Water Direct / Water Exchange and a 21% increase in Water Refill / Water Filtration.

Net Income

For the first quarter of 2023, Primo Water Corporation reported a net income of $6 million, or $0.04 per diluted share. This is a significant improvement compared to the net loss of $7 million, or $0.04 per diluted share, reported in the first quarter of 2022.

Adjusted Earnings

Primo Water Corporation's adjusted net income for the first quarter of 2023 was $15 million, or $0.09 per diluted share, compared to $14 million, or $0.09 per diluted share, in the same period of the previous year. Adjusted EBITDA increased by 8% to $95 million, with an adjusted EBITDA margin of 17.4%, up 70 basis points from the prior year.

Dividend Increase

Primo Water Corporation declared a quarterly dividend of $0.08 per common share for the first quarter of 2023, representing a 14% increase over the previous year's rate. This reflects the company's commitment to returning value to its shareholders.

2023 Outlook

Primo Water Corporation reaffirmed its full-year 2023 revenue target of between $2.30 billion and $2.35 billion and its adjusted EBITDA target of between $450 million and $470 million. The company also maintains its 2024 outlook for high single-digit organic revenue growth and adjusted EBITDA approaching $530 million.

Summarized from source with an LLMView Source

Key figures

63.7%1Y

28.8%3Y

91.2%5Y

Performance

24.3%1Y

28.3%3Y

36.5%5Y

Volatility