Primo Water Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 06:15 am
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Primo Water Corporation reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 622 million compared to USD 584.6 million a year ago. Net income was USD 33.4 million compared to USD 1.3 million a year ago. Basic earnings per share from continuing operations was USD 0.21 compared to USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.21 compared to USD 0.01 a year ago.
For the nine months, sales was USD 1,761.8 million compared to USD 1,682.1 million a year ago. Net income was USD 60.5 million compared to net loss of USD 27.9 million a year ago. Basic earnings per share from continuing operations was USD 0.38 compared to basic loss per share from continuing operations of USD 0.17 a year ago. Diluted earnings per share from continuing operations was USD 0.38 compared to diluted loss per share from continuing operations of USD 0.17 a year ago.
Primo Water Corporation is a pure-play water solutions provider that operates under a recurring revenue model in the large format water category. This business strategy is referred to as razor-razorblade. Its Razorblade offering includes Water Direct, Water Exchange, and Water Refill. Through its Water Direct business, it delivers sustainable hydration solutions direct to customers, whether at home or to businesses. Through its Water Exchange business, customers visit retail locations and purchase a pre-filled bottle of water. Once consumed, empty bottles are exchanged at its recycling center displays, which provide a ticket that offers a discount towards the purchase of a new bottle. Water Exchange is offered in over 17,500 retail locations. Through its Water Refill business, customers refill empty bottles at nearly 23,500 self-service drinking water stations. It offers water filtration units across North America. Its water solutions offer access to purified, spring and mineral water.