Primo Water Corporation Announces Unaudited Consolidated Financial Results for the Quarter Ended March 31, 2018; Provides Financial Guidance for the Second Quarter of 2018; Raises Financial Guidance for the Year of 2018
Primo Water Corporation announced unaudited consolidated financial results for the quarter ended March 31, 2018. For the quarter, the company reported net sales of $73,659,000 against $60,737,000 for the same period a year ago. Income from operations was $4,771,000 against loss of $3,454,000 for the same period a year ago. Loss before income taxes was $515,000 against $11,676,000 for the same period a year ago. Net income was $1,210,000 against loss of $11,862,000 for the same period a year ago. Basic and diluted earnings per share were $0.04 per share against loss of $0.37 per share for the same period a year ago. Net cash provided by operating activities was $4,466,000 against $47,000 for the same period a year ago. Purchases of property and equipment was $3,490,000 against $4,466,000 for the same period a year ago. Additions to intangible assets was $8,000 against $76,000 for the same period a year ago. Adjusted net income was $987,000 against loss of $1,679,000 for the same period a year ago. Adjusted basic and diluted earnings per share were $0.03 per share against loss of $0.05 per share for the same period a year ago. EBITDA was $10,828,000 against LBITDA of $283,000 for the same period a year ago. Adjusted EBITDA was of $12,381,000 against $9,779,000 for the same period a year ago.
For the second quarter of 2018, the company expects net sales of $70.5 million to $73.5 million and adjusted EBITDA of $14.7 million to $15.2 million.
For the year of 2018, the company raised net sales guidance to a range of $303.0 million to $307.0 million, compared to previous range of $298.0 million to $302.0 million. The company reiterating guidance for adjusted EBITDA of $61.0 million to $63.0 million, as it expects to invest the contribution from the incremental sales growth into existing and new marketing initiatives.