Primo Water Corporation has posted a 10% increase in first-quarter revenue to $526 million, after it saw strong customer demand driven by its Water Direct/Exchange business.
The company also posted a 15% increase in adjusted EBITDA to $88 million, compared with the $76 million recorded last year.
In North America, Primo Water’s revenue grew by 9% to $397 million, driven by customer growth, pricing and increased demand for products and services from residential and business-to-business customers.
Meanwhile, in the rest of the world, Primo Water’s revenue grew by 14% to $129 million, led by increased demand for its products and services from residential and business-to-business customers, and tuck-in acquisitions. Earlier this year, Primo Water acquired Belgian water solutions distributor Sip-Well.
However, the company saw declines in its water refill/filtration and water dispensers businesses.
Primo Water’s CEO, Tom Harrington, said: “I am very pleased with our performance in the first quarter of 2022, having delivered double-digit revenue growth versus the prior year. Strong customer demand continued, led by our Water Direct/Exchange business. Our customer base increased organically, and customer retention rates improved once again as we worked diligently to enhance the overall customer experience.”
He continued: “Our first-quarter performance gives us confidence in achieving our 2022 outlook of 9% to 10% revenue growth (adjusted for the planned exit of the North American single-use retail bottled water business)”.
© FoodBev Media Ltd 2021
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