The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry

Primo Water Corporation has recorded 9% growth in its second-quarter revenue to $571.4 million, driven by customer growth, price increases and acquisitions. Adjusted EBITDA increased 9% to $108 million, driven by price hikes, increased demand for Primo's products and services, and the company's exit from the single-use bottled water retail business in North America. For the three months ended 2 July, Primo posted a 6% increase in revenue for its water refill and filtration segment, and 5% growth for water dispensers. In North America, the business's revenue grew 10% to $436.7 million. Meanwhile, in Europe, revenue increased 9% to $69.9 million. Primo CEO, Tom Harrington, said: "I am very pleased with our revenue and adjusted EBITDA growth in the second quarter, accentuating a solid first-half performance that puts us on pace to exceed our previous full-year 2022 targets. Our results were driven by improved pricing, volume and customer growth." "Our pricing actions and operational performance give us the confidence to increase our 2022 outlook to 12% to 14% revenue growth (adjusted for the exit of the single-use bottled water retail business in North America) and adjusted EBITDA to between $415 million and $425 million, despite a challenging Euro devaluation, unprecedented inflationary environment and the exit of our business in Russia. As we continue to transform and reshape Primo, we are a fundamentally stronger business than ever before. Our strategy is working as evidenced by our first-half 2022 performance, and we remain confident in our ability to achieve our long-term 2024 outlook of high-single-digit organic revenue growth with adjusted EBITDA approaching $525 million." He continued: "We are pleased that Primo's cash flow and balance sheet enable us to simultaneously return value to shareholders through regular quarterly dividends, as well as an opportunistic share repurchase programme of $100 million, while at the same time continuing to invest in internal and external opportunities that will further strengthen our operations and drive long-term growth".