Primo Water boosts Q4, FY 2021 results

Primo Water Corp. improved its Q4 and FY 2021 sales and earnings, according to an earnings release. Highlights include:

• Net revenue rose 3% from $505 million in Q4 2020 to $518 million for the quart ending Jan. 1, 2022.
• Net loss improved from $21.2 million to $2.8 million.
• Net loss per diluted share improved from 12 cents to 2 cents in the comparative quarters, while adjusted net loss per diluted share fell from 14 cents to 11 cents.
• For the full year, consolidated revenue rose 6% from $1.94 billion in 2020 to $2.07 billion in 2021. Excluding foreign exchange and the impact of a 53rd week in 2020, revenue rose 6% from $1.93 billion to $2.04 billion.
• Net loss for the full year improved 153.6% from $156.8 million to $3.2 million. Adjusted net income improved 4.6% from $86.3 million to $90.9 million, while adjusted net income per diluted share rose from 55 cents to 56 cents.
• Reported net loss and net loss per diluted share for the full year were $3 million and 2 cents, respectively, compared $157 million and $1.01, in 2020. Adjusted net income and adjusted net income per diluted share for 2021 were $91 million and 56 cents, respectively, compared to adjusted net income and adjusted net income per diluted share of $86 million and 55 cents, respectively.

Shares traded today at $14.55 against a 52-week range of $14.07-$20.12.

"2021 was a success for our pure-play water company. We achieved record levels of revenue and adjusted EBITDA driven by strong customer demand, especially in our water direct/exchange business," CEO Tom Harrington said in the press release.