Coffee Service

Primo Water reports 11% Q1 revenue gain

Logo provided.

May 8, 2020

Primo Water Corp. reported revenue increased 11% in the first quarter (increased by 13% excluding the impact of foreign exchange and the divested Cott Beverages LLC business) to $474 million compared to $428 million, according to a press release.

The company reported net loss and net loss per diluted share were $27 million and $0.19, respectively. 

The water direct/water exchange revenue increased 12% to $295 million driven by water direct's net customer growth, improved volume, favorable pricing and the benefit of acquisitions. Water exchange revenue increased over 92% on a pro forma basis in the month of March. 

The water refill/water filtration revenue increased 101% driven primarily by the addition of the water refill business in the quarter, which had a pro forma 24% increase in dispensed water gallon growth in the month of March, as well as a pro forma 10% increase in dispensed water gallon growth during the quarter. Water filtration revenue grew 6% during the quarter.

Water dispenser revenue increased 10% on a pro forma basis in March driven primarily by the timing of orders of major retail partners while sell-through of 100,000 units were up 44%, driven by strong consumer demand.