Coffee Service
Primo Water lifts Q1 2022 results, declares quarterly dividend
May 12, 2022
Primo Water Corp., a provider of water direct to consumers and water filtration services in North America and Europe and a provider of water dispensers, purified and spring bottled water, and self-service refill drinking water in the U.S. and Canada, lifted its Q1 2022 revenue and earnings and declared a dividend in line with expectations, according to an earnings report.
Highlights include:
- Revenue increased 10% from $478 million in Q1 2021 to $526 million for the quarter ending April 2, 2022.
- Revenue increased 14% excluding the exit of the single-use retail bottled water business in North America and the impact of foreign exchange.
- Reported net loss and net loss per diluted share improved from $10 million and 6 cents, respectively, to $7 million and 4 cents, respectively, in the comparative quarters.
- Adjusted net income and adjusted net income per diluted share improved from $9 million and 6 cents, respectively, to $14 million and 9 cents, respectively, for the comparative quarters.
- Water direct/water exchange revenue rose from $59 million to $278.3 million.
- Water refill/water filtration rose from $8.7 million to $42.2 million.
- "Other" water rose from $16.4 million to $34 million.
The company declared a 7 cent per share quarterly dividend payable June 22 for shareholders of record June 10, in line with expectations.
Shares traded today at $14.01 against a 52-week range of $13.34-$20.12.
"I am very pleased with our performance in the first quarter of 2022, having delivered double digit revenue growth versus the prior year," CEO Tom Harrington said in the release. "Our first quarter performance gives us confidence in achieving our 2022 outlook of 9% to 10% revenue growth, adjusted for the planned exit of the North American single-use retail bottled water business, and adjusted EBITDA of between $410 million and $420 million."
