Coffee Service

Primo Water upgrades revenue outlook for 2020 first half

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June 22, 2020

Primo Water Corporation, a provider of water filtration services, water dispensers, purified bottled water and self-service refill drinking water, has updated its revenue and adjusted EBITDA outlook for the first half of 2020, and announced it has repaid $100 million under its revolving credit facility, according to a press release.

Primo now expects first half 2020 consolidated revenue from continuing operations of approximately $915 million to $935 million excluding the impact of foreign exchange as well as adjusted EBITDA of approximately $140 to $145 million. This compares to the previous guidance for the first half of 2020 of approximately $905 million to $925 million excluding the impact of foreign exchange as well as adjusted EBITDA of approximately $140 million. The targets include the Legacy Primo business and exclude S&D Coffee and Tea, which is included in discontinued operations.

Primo has repaid $100 million of the $170 million drawn from its revolving credit facility in March 2020. After repayment, the company retains approximately $264 million in liquidity, including approximately $165 million in cash and $99 million in unused committed revolving credit capacity.