Primo Water Corporation announces first-quarter 2022 results

May 18, 2022
Company records double-digit revenue growth; issues second quarter revenue and adjusted EBITDA guidance and affirms full year 2022 revenue and adjusted EBITDA guidance; announces planned exit of Russia business.

Primo Water Corporation, a leading provider of sustainable drinking water solutions in North America and Europe, announced its results for the first quarter ending April 2, 2022.

(Unless stated otherwise, all first quarter 2022 comparisons are relative to the first quarter of 2021; all information is in U.S. dollars.)

First-quarter highlights

Revenue increased 10% to $526 million compared to $478 million (increased 14% excluding the exit of the single-use retail bottled water business in North America and the impact of foreign exchange).

Reported net loss and net loss per diluted share were $7 million and $0.04, respectively, compared to reported net loss and net loss per diluted share of $10 million and $0.06, respectively. Adjusted net income and adjusted net income per diluted share were $14 million and $0.09, respectively, compared to adjusted net income and adjusted net income per diluted share of $9 million and $0.06, respectively.

Adjusted EBITDA increased 15% to $88 million compared to $76 million and adjusted EBITDA margin increased 80 basis points to 16.7%.

Company reiterates revenue growth expectation of 9% to 10% in 2022, adjusted for the exit of North America single-use retail bottled water business. Fiscal year 2022 adjusted EBITDA outlook remains between $410 million and $420 million.

"I am very pleased with our performance in the first quarter of 2022, having delivered double digit revenue growth vs. the prior year. Strong customer demand continued, led by our Water Direct/Exchange business. Our customer base increased organically, and customer retention rates improved once again as we worked diligently to enhance the overall customer experience. I am proud of the efforts of our team and am pleased with everyone's continued commitment to safety, customer satisfaction and growth," Tom Harrington, chief executive officer, said in the announcement. 

"Our first quarter performance gives us confidence in achieving our 2022 outlook of 9% to 10% revenue growth (adjusted for the planned exit of the North American single-use retail bottled water business) and adjusted EBITDA of between $410 million and $420 million dollars. We are also confident in our long-term outlook for high single digit organic revenue growth and adjusted EBITDA approaching $525 million for 2024," Harrington said.


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