Primo Water Q4 Profit Climbs; Issues Q1, FY24 Outlook

(RTTNews) - Primo Water Corp. (PRMW), a provider of drinking water solutions, reported Thursday that its fourth-quarter net income surged to $177.6 million from last year's $57.5 million. Earnings per share were $1.11, up from $0.36 a year ago.

Net income from continuing operations fell to $13.3 million or $0.08 per share from last year's $34.8 million or $0.22 per share.

Adjusted net income from continuing operations was $18.6 million or $0.12 per share, compared to last year's $20.6 million or $0.13 per share.

Analysts on average expected the company to report earnings of $0.17 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Revenue increased 8 percent to $438.7 million from $405.1 million in the prior year quarter. Analysts expected revenues of $576.87 million.

Further, Primo Water announced that its Board of Directors declared a dividend of $0.09 per share, payable in cash on March 25 to shareowners of record at the close of business on March 8.

Looking ahead for the first quarter, the company projects revenue to be between $435 million and $445 million and adjusted EBITDA to be between $85 million and $91 million.

For fiscal 2024, revenue is forecasted to be between $1.84 billion and $1.88 billion and Adjusted EBITDA to be between $402 million and $422 million.

Analysts expect the company to record revenues of $512.67 million for the first quarter and $2.07 billion for the full year.

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