Welcome to our dedicated page for Primo Water Corporation news (Ticker: PRMW), a resource for investors and traders seeking the latest updates and insights on Primo Water Corporation stock.
Primo Water Corporation (NASDAQ: PRMW) is a leading provider of sustainable drinking water solutions in North America and Europe. Founded in 2004 by Billy Prim, the company was modeled after his previous success with Blue Rhino, the market leader in propane grill cylinder exchange. Primo Water offers a range of products including water dispensers, bulk purified bottled water, self-service refill water, and exchange water services. The company is recognized for its innovative and stylish water dispensers, available for both home and office use, which help reduce environmental waste.
Primo Water's operations are largely concentrated in North America, following a strategic divestment of a significant portion of its international business. The firm typically initiates customer relationships through the sale of water dispensers and generates recurring revenue via their Water Direct and Water Exchange services. Two-thirds of the total sales come from these recurring revenue streams, involving the delivery of large-format water bottles to residential and commercial customers.
In a recent development, Primo Water announced an agreement whereby Culligan International will acquire a significant portion of its international businesses in an all-cash transaction valued at up to $575 million. This transaction, expected to close by the end of 2023, will allow Primo Water to focus on its core North American business, enhance profitability, and return capital to shareholders.
Primo Water is committed to sustainability and environmental responsibility. The company partners with organizations like the International Bottled Water Association (IBWA) and Watercoolers Europe (WE) to ensure adherence to high safety, quality, and regulatory standards. Primo Water’s mission is to expand consumer access to purified, spring, and mineral water, promoting a healthier and more sustainable lifestyle while reducing plastic waste.
The company generated approximately $2.2 billion in annual revenue in 2022 and operates under a recurring revenue model in the large format water category (defined as three gallons or greater). Its products are sold through approximately 10,900 retail locations and online. Primo Water’s water solutions include Water Direct, Water Exchange, and Water Refill, with over 23,500 self-service refill drinking water stations across North America.
Primo Water is headquartered in Tampa, Florida. For more information, visit their website at www.primowatercorp.com.
Primo Brands has announced the successful completion of the merger between Primo Water and BlueTriton Brands, creating a leading branded beverage company in North America focused on healthy hydration. The company will trade on the NYSE under the symbol PRMB starting November 11, 2024. The combined entity features billion-dollar brands including Poland Spring® and Pure Life®, along with premium brands like Saratoga® and Mountain Valley®. Robbert Rietbroek will serve as CEO, with dual headquarters in Tampa, FL and Stamford, CT. The company has declared a quarterly dividend of $0.09 per share, payable on December 5, 2024.
Primo Water reported strong Q3 2024 results with revenue increasing 8.8% to $511 million, driven by 7.4% organic growth. Gross margin improved 20 bps to 64.7%, while net income rose to $38 million. Adjusted EBITDA grew 11.4% to $125 million with a margin of 24.4%. The company expects to close its transaction with BlueTriton Brands on November 8, 2024, after which it will begin trading as Primo Brands (NYSE:PRMB) on November 11th. Growth was notable across channels, with Water Direct/Exchange up 8.0%, Water Refill/Filtration up 7.1%, and Other Water showing significant growth of 102.2%.
Primo Water (NYSE: PRMW) announced that shareowners overwhelmingly approved the merger with BlueTriton Brands, with 99.9% of votes in favor, representing 89.2% of total outstanding shares. The transaction is expected to close on November 8, 2024. The combined entity will be renamed Primo Brands and will trade on NYSE under the ticker 'PRMB' starting November 11. At closing, Primo Water common shares will be exchanged for Class A common stock of Primo Brands at a 1:1 ratio. The merger aims to create a leading North American branded beverage company focused on healthy hydration.
Primo Water (NYSE: PRMW) (TSX: PRMW) has announced the date for its third quarter 2024 earnings release and details for a Special Meeting of Shareowners. The earnings release is scheduled for November 7, 2024, before markets open, followed by a conference call at 10:00 a.m. Eastern Time. The Special Meeting, set for November 4, 2024 at 8:00 a.m. Eastern Time, will be held virtually for shareowners to vote on the proposed all-stock business combination with BlueTriton Brands, Inc. Shareowners will also be asked to provide a non-binding advisory vote on compensation for certain executive officers related to the transaction. The virtual meeting can be accessed at www.virtualshareholdermeeting.com/PRMW2024SM using the control number on the proxy card or voting instruction form.
Primo Water (NYSE: PRMW) (TSX: PRMW) has announced a special dividend of US$0.82 per share on its common shares. This dividend is payable in cash on November 21, 2024 to shareowners of record at the close of business on November 5, 2024. The special dividend is being declared in connection with the previously announced all-stock combination of Primo Water and BlueTriton Brands, Inc. Shareholders can find additional information about this transaction on the investor relations section of Primo Water's website.
Primo Water (NYSE: PRMW) (TSX: PRMW) and BlueTriton Brands have received all regulatory approvals for their previously announced all-stock combination. This includes approval under the Investment Canada Act and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to close by the end of 2024, subject to Primo Water's shareowner approval and court approval of the plan of arrangement.
Robbert Rietbroek, Primo Water's CEO, expressed confidence that shareowners will recognize the significant value this combination will create, stating that both companies enter the transaction from a position of strength. He believes it will deliver meaningful benefits for customers, associates, shareowners, and stakeholders. Additional information about the transaction is available on Primo Water's investor relations website.
Primo Water (NYSE: PRMW) has released its 2023 Sustainability report, showcasing significant progress in its ESG initiatives. Key highlights include:
- Conducted over 240,000 quality control analyses
- Saved 6 million+ gallons of water at Los Angeles plant
- Delivered 130,000+ training hours for associates
- Achieved a 47% reduction in plant injuries
- Increased supplier diversity spend by 140%
- Reduced CO2e by 25% from baseline year
- Expanded low-carbon fleet to 14% of North American beverage route trucks
- Reduced 2.4 million miles driven since 2021
- Donated over $1,000,000 to community initiatives
The report aligns with GRI, SASB, and UN SDGs standards, covering Primo Water's North American operations for fiscal year 2023.
Primo Water (NYSE: PRMW) (TSX: PRMW) and BlueTriton Brands have announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) for their previously announced all-stock combination. This expiration is a important step towards completing the transaction, which is now expected to close by the end of 2024. The deal still requires approval from Primo Water's shareowners, regulatory approval in Canada, and court approval of the plan of arrangement. This development marks significant progress in the merger process between the two water companies, potentially creating a stronger entity in the water industry.
Primo Water (NYSE: PRMW) reported strong Q2 2024 results, exceeding expectations. Revenue increased 7.6% to $485 million, with organic growth contributing 6.6%. Gross margin improved by 110 bps to 65.6%, and Adjusted EBITDA rose 14.9% to $113 million. The company raised its full-year 2024 outlook, projecting revenue between $1.87-$1.89 billion and Adjusted EBITDA of $420-$440 million. Adjusted Free Cash Flow forecast increased to $180-$190 million. CEO Robbert Rietbroek highlighted the success of their customer-centric strategy and operational excellence. The company announced a quarterly dividend of $0.09 per share and has paused its share repurchase program due to the proposed merger with BlueTriton Brands.
Primo Water (NYSE: PRMW) (TSX: PRMW), a leading provider of sustainable drinking water solutions in North America, has announced a quarterly dividend. The company's Board of Directors has declared a dividend of US$0.09 per share on common shares. This dividend will be payable in cash on September 5, 2024 to shareowners of record at the close of business on August 22, 2024. This announcement demonstrates Primo Water's commitment to returning value to its shareholders and may indicate the company's financial stability and confidence in its future performance.
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