Primo Water shares gain on top-line beat in first quarter

TAMPA, Fla. – Primo Water Corporation (NYSE: NYSE:), a North American leader in sustainable drinking water solutions, reported first-quarter earnings that missed analyst expectations for adjusted EPS but surpassed revenue estimates.

The company announced a Q1 adjusted EPS of $0.12, which fell short of the consensus estimate of $0.14. However, revenue for the quarter was robust at $452 million, exceeding the analyst forecast of $438.99 million.

The company’s stock rose 3.3% following the earnings release.

Looking ahead, Primo Water provided its financial guidance for the full year of 2024, projecting revenues to be in the range of $1.855 to $1.885 billion. The midpoint of this guidance, $1.87 billion, is slightly above the analyst consensus of $1.86 billion. For the second quarter, the company expects revenues between $472 and $482 million, with the midpoint at $477 million, marginally above the consensus estimate of $476.1 million.

The company’s CEO commented on the results, highlighting the strength of their recurring revenue model and the continued consumer demand for sustainable hydration solutions. This approach seems to resonate well with the market, as reflected in the positive stock movement post-earnings announcement.

Primo Water’s commitment to sustainability and consumer protection is underscored by its partnership with the International Bottled Water Association (IBWA) in North America, ensuring strict adherence to safety and regulatory standards. The company’s performance this quarter demonstrates its ability to grow its customer base and enhance shareholder value while maintaining a focus on environmental stewardship.

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