Primo Water Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Full Year 2018
For the nine months, the company reported net sales of $231,231,000 compared to $217,762,000 a year ago. Loss from operations was $46,575,000 compared to income from operations of $9,829,000 a year ago. Loss before income taxes was $65,484,000 compared to $8,568,000 a year ago. Net loss was $56,577,000 compared to $9,391,000 a year ago. Diluted loss per share was $1.55 compared to $0.28 a year ago. Net cash provided by operating activities was $22,784,000 compared to $10,650,000 a year ago. Purchases of property and equipment were $14,200,000 compared to $13,434,000 a year ago. Purchases of bottles, net of disposals was $1,596,000 compared to $2,120,000 a year ago. Additions to intangible assets and other were $975,000 compared to $113,000 a year ago. Adjusted EBITDA was $43,570,000 compared to $41,768,000 a year ago. Adjusted net income was $12,900,000 or $0.34 per diluted share compared to $6,756,000 or $0.20 per basic and diluted share a year ago.
The company now expects net sales for the full year 2018 to be in the range of $304.0 million to $308.0 million, and adjusted EBITDA for the full year to be in the range of $54.0 to $58.0 million, with the change in full-year adjusted EBITDA due to its results for the third quarter, its short-term investments in Refill to improve servicing and address machine downtime, and its acceleration of marketing and promotional investments in Dispensers and Exchange.