Primo Water boosts fourth-quarter revenue 3%

March 1, 2022

In its fourth-quarter financial report, Primo Water Corp.'s consolidated revenue increased 3% to $518 million, compared with $505 million in 2020's same quarter.

The increase during quarter, ended Jan. 1,  is due primarily to pricing actions, greater demand from residential customers and a favorable impact of foreign exchange, partially offset by lower revenue from water refill and dispenser sales.

For the 2021 fiscal year, Primo's consolidated revenue increased 6% to $2.073 billion, compared with $1.954 billion. Adjusted EBITDA increased 5% to $380 million, compared with $362 million.

"2021 was a success for our pure-play water company. We achieved record levels of revenue and adjusted EBITDA driven by strong customer demand, especially in our water direct and exchange business," said chief executive Tom Harrington.

Primo's 2022 outlook is forecast to be 9% to 10% of revenue growth, adjusted for the planned exit of its North American single-use retail bottled water business and its tuck-in acquisitions of 2021. Adjusted EBITDA is projected to between $410 million and $420 million.

Headquartered in Tampa, FL, Primo Water Corp. operates drinking water systems in North America, Europe and Israel. The company offers pre-filled and reusable containers at more than 13,000 locations and water refill units at some 22,000 locations. It also offers water filtration units in 21 countries.


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