Coffee Service

Primo Water lifts Q3 2023 sales, earnings

Image: Primo Water Corp

November 6, 2023

Primo Water Corp., a provider of sustainable drinking water solutions in North America and Europe, lifted its Q3 2023 sales and earnings against the prior year period, citing growth in both of its major divisions, according to an earnings report. Highlights include:

• Revenue increased 6% from $585 million in Q3 2022 to $622 million in the quarter ending Sept. 30, 2023, driven by revenue growth of 7% in water direct/water exchange and 19% in water refill/water filtration.
• Reported net income rose from $1.3 million to $33 million in the comparative quarters.
• Net income per diluted share rose from 1 cent to 21 cents.
• Adjusted net income rose from $35.7 million to $52.2 million.
• Adjusted net income per diluted share rose from 22 cents to 33 cents.

Shares traded today at $14.84 against a 52-week range of $12.27 to $16.47.

"Our third quarter results reflect the underlying momentum of improving our route density, network efficiencies and optimization, and realizing the benefits of our investments and pricing," CEO Tom Harrington said in the press release. "We once again delivered strong revenue and earnings growth, while achieving record adjusted EBITDA margins."

The company reaffirmed its full-year 2023 revenue target to between $2.32 billion and $2.36 billion and its full-year 2023 and adjusted EBITDA to between $460 million and $480 million.