Primo Water Corporation has posted a 6% increase in third-quarter revenue to $585 million.
Revenue growth of 17% in water direct/water exchange, 11% in water refill/water filtration and 47% in water dispensers was partially offset by the company’s exit from its North American single-use bottled water retail business.
Adjusted EBITDA increased 10% to $117 million.
In North America, revenue increased 8% to $447 million. Meanwhile, in Europe revenue grew 6% – and by 24% excluding the impact of foreign exchange – driven by increased demand from residential and B2B customers and tuck-in acquisitions.
Primo Water CEO, Tom Harrington, said: “During the quarter, we continued to execute our differentiated ‘Water Your Way’ platform, and despite near record inflation, we delivered strong revenue and adjusted EBITDA growth. Our investment thesis remains intact with a portfolio of leading water solutions across multiple channels and geographies, strong consumer tailwinds and a compelling financial profile. The continued investment in our digital platforms, increased connectivity of dispenser sales to our water solutions, and continued optimisation of our route-based operations provide a strong foundation to achieve our long-term growth targets.”
He continued: “As a result, we are maintaining our 2024 outlook for high-single-digit annual organic revenue growth and are increasing our 2024 annualised adjusted EBITDA outlook to approximately $530 million dollars”.
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