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Donnerstag,
10.08.2023 06:30
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PRIMO WATER ANNOUNCES STRONG SECOND QUARTER 2023 RESULTS AND INCREASES ANNUAL GUIDANCE
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PR Newswire
TAMPA, Fla., Aug. 10, 2023
- Delivered high end of Q2 Revenue and high end of Adjusted EBITDA guidance
- Increased Revenue 4% to $593.3 million
- Declares quarterly dividend of $0.08 per common share, a 14% increase over last year's dividend
- Authorizes new $50 million share repurchase program
- Increases full-year 2023 Revenue, Adjusted EBITDA and Adjusted Free Cash Flow Guidance
TAMPA, Fla., Aug. 10, 2023 /PRNewswire/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo Water"), a leading provider of sustainable drinking water solutions in North America and Europe, today announced its results for the second quarter ended July 1, 2023.
(Unless stated otherwise, all second quarter 2023 comparisons are relative to the second quarter of 2022; all information is in U.S. dollars. Non-GAAP reconciliations presented on the exhibits to this press release)
SECOND QUARTER HIGHLIGHTS
- Revenue increased 4% to $593 million compared to $571 million driven by revenue growth of 7% in Water Direct / Water Exchange and 18% in Water Refill / Water Filtration, partially offset by the exit from our North America single use bottled water retail business and the exit from our business in Russia.
- Reported net income and net income per diluted share were $21 million and $0.13, respectively, compared to reported net loss and net loss per diluted share of $23 million and $0.14, respectively. Adjusted net income and adjusted net income per diluted share were $39 million and $0.24, respectively, compared to $33 million and $0.21, respectively. Gross margin increased 390 bps to 62.1% compared to 58.2%.
- Adjusted EBITDA increased 13% to $122 million and Adjusted EBITDA margin increased 160 bps to 20.5%.
- The Company increases its full year 2023 revenue target to between $2.32 billion and $2.36 billion and increases its full year 2023 Adjusted EBITDA to between $460 million and $480 million. Adjusted Free Cash Flow is forecasted to be approximately $150 million, an increase of $10 million.
- The Company reaffirms its 2024 outlook for high single-digit organic revenue growth and 2024 Adjusted EBITDA approaching $530 million.
| | For the Three Months Ended | ||||
| (in millions of U.S. dollars, except per share amounts, percentages and bps) | July 1, 2023 | | July 2, 2022 | | Y/Y Change |
| Revenue, net (1) | $ 593.3 | | $ 571.4 | | 4 % |
| Net income (loss) | $ 21.3 | | $ (22.5) | | $ 43.8 |
| Net income (loss) per diluted share | $ 0.13 | | $ (0.14) | | $ 0.27 |
| Adjusted net income | $ 38.8 | | $ 33.3 | | $ 5.5 |
| Adjusted net income per diluted share | $ 0.24 | | $ 0.21 | | $ 0.03 |
| Adjusted EBITDA | $ 121.6 | | $ 108.0 | | 13 % |
| Adjusted EBITDA margin % | 20.5 % | | 18.9 % | | 160 bps |
| 1Reported revenue in Q2 2022 includes $14.4 million of revenues associated with our North American single use bottled water retail business and $3.7 million of revenues associated with our Russia business; there is no revenue attributable to these businesses in Q2 2023, as we exited these businesses in 2022. |
"We once again delivered strong revenue and earnings growth, driven by improved route density, network efficiencies and optimization, the benefits of our investments and pricing. I am proud of the efforts of our team and their focus on improving the customer experience," said Tom Harrington, Chief Executive Officer.
"Our second quarter performance gives us confidence to increase our 2023 outlook to between $2.32 billion and $2.36 billion of revenue and Adjusted EBITDA to between $460 million and $480 million. Adjusted Free Cash Flow is now forecasted to increase to approximately $150 million, an increase of $10 million. We are also reaffirming our 2024 outlook for high single digit organic revenue growth and Adjusted EBITDA approaching $530 million," said Mr. Harrington.
OUTLOOK
Primo Water is targeting the following results from continuing operations for the third quarter and full year 2023:
| | Q3 2023 Range | FY 2023 Range | ||
| ($ in millions) | Low | High | Low | High |
| Revenue | $612 | $632 | $2,320 | $2,360 |
| Adjusted EBITDA | $129 | $139 | $460 | $480 |
| Cash Taxes | | | ~ $25 | |
| Interest | | | $70 | $75 |
| Cap-Ex | | | ~ $200 | |
| Adj. Free Cash Flow | | | ~ $150 | |
SECOND QUARTER 2023 RESULTS CONFERENCE CALL
Primo Water will host a conference call, to be simultaneously webcast, on Thursday, August 10, 2023, at 10:00 a.m. Eastern Time. A question-and-answer session will follow management's presentation. To participate, please call the following numbers:
North America: (888) 664-6392
International: (416) 764-8659
Conference ID: 73605034
This is a live, listen-only dial-in telephone line.
A slide presentation and live audio webcast will be available through Primo Water's website at https://www.primowatercorp.com. The earnings conference call will be recorded and archived for playback on the investor relations section of the website for a period of two weeks following the event.
SECOND QUARTER GLOBAL PERFORMANCE
- Revenue increased 4% to $593 million compared to $571 million. The increase was driven by revenue growth of 7% in Water Direct / Water Exchange and 18% in Water Refill / Water Filtration, due primarily to pricing initiatives and increased demand for products and services from residential and business customers, partially offset by the exits from our North America single use bottled water retail business and our business in Russia in the prior year. Revenue growth by channel is tabulated below:
| | For the Three Months Ended | ||||||
| (in millions of U.S. dollars) | July 1, 2023 | | July 2, 2022 | | Change | | % Change |
| Revenue, net (2) | | | | | | | |
| Water Direct/Water Exchange | $ 414.1 | | $ 386.5 | | $ 27.6 | | 7 % |
| Water Refill/Water Filtration | 66.1 | | 56.2 | | $ 9.9 | | 18 % |
| Other Water | 31.9 | | 44.1 | | $ (12.2) | | (28) % |
| Water Dispensers | 17.1 | | 18.5 | | $ (1.4) Werbung Mehr Nachrichten zur PRIMO WATER CORP. Aktie kostenlos abonnieren
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