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Primo Water Corp Up 8.48% To $14.01 After Earnings Beat

Thursday, August 11, 2022 02:09 PM | InvestorsObserver Analysts

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Primo Water Corp Up 8.48% To $14.01 After Earnings Beat

Primo Water Corp (PRMW) said before open Thursday that it earned $0.21 per share in quarter two 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $571.4 million, beating estimates by $21.8 million.

In the same quarter a year ago, the company earned $0.17 per share on revenue of $526.1 million.

The stock is up 8.48% to $14.01 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 35. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Primo Water is a pure-play water provider that is the product of the March 2020 acquisition of the legacy Primo business by Cott. The firm's water solutions ecosystem is anchored by an assortment of water dispensers and its water direct business. In the latter, it receives recurring revenue for delivering large-format (3- and 5-gallon) water bottles to residential and commercial customers for use in the dispensers. Supplementary offerings include water exchange, where consumers can exchange or purchase prefilled containers at retail, and water refill, where consumers have access to the network of self-service refill units that Primo manages. Most sales are generated in North America, with the remainder primarily in Europe and Israel.

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