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Primo Water Q2 Loss Widens, Adj. EPS Tops View; Lifts FY22 Forecast, Backs FY24 View

Primo Water Corp. (PRMW, PRMW.TO), a provider of sustainable drinking water solutions, reported second-quarter net loss of $23 million or $0.14 per share, wider than last year's net loss of $8 million or $0.05 per share.

Adjusted net income was $33 million or $0.21 per share, compared to $28 million or $0.17 per share a year ago.

On average, six analysts polled by Thomson Reuters expected earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue increased 9 percent to $571 million from $526 million last year. Analysts expected revenues of $549.56 million.

Looking ahead for the third quarter, the company projects revenues between $570 million and $590 million, while analysts estimate revenues of $560.17 million.

Further, for fiscal 2022, Primo Water increased its revenue growth expectation to between 12 percent to 14 percent, adjusted for the exit of the single-use bottled water retail business in North America.

The company also increased full year 2022 adjusted EBITDA outlook to between $415 million and $425 million.

The previous forecast was for revenue growth of 9 percent to 10 percent, and adjusted EBITDA of $410 million to $420 million.

Primo Water added that it remains confident in its ability to achieve long-term 2024 outlook of high single-digit organic revenue growth with Adjusted EBITDA approaching $525 million.

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