(Adds Outlook)
Primo Water Corporation (PRMW) is increasing its full-year 2024 revenue target to between $1.855 billion and $1.885 billion from the previous outlook of $1.840 billion - $1.880 billion. Analysts expect revenue of $1.86 billion for the year.
For the second quarter, revenue is expected in the range of $472 million - $482 million. The consensus estimate stands at $476.1 million.
Q1 Results:
Primo Water revealed a profit for its first quarter that increased from the same period last year and beat the Street estimates.
The company's bottom line came in at $18.7 million, or $0.12 per share. This compares with $3.2 million, or $0.02 per share, in last year's first quarter.
Excluding items, Primo Water Corp. reported adjusted earnings of $30.5 million or $0.19 per share for the period.
Analysts on average had expected the company to earn $0.14 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 9.6% to $452 million from $412.5 million last year.
Primo Water Corp. earnings at a glance (GAAP) :
-Earnings (Q1): $18.7 Mln. vs. $3.2 Mln. last year.
-EPS (Q1): $0.12 vs. $0.02 last year.
-Revenue (Q1): $452 Mln vs. $412.5 Mln last year.
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