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 Water Corporation (NYSE: PRMW) has appointed Jon Kathol as Vice President of Investor Relations, effective immediately. Reporting to CFO Jay Wells, Kathol will lead investor outreach initiatives to enhance communication and engagement with the investment community, aiming to increase shareholder value. With 25 years of experience, notably at Tyson Foods, he brings a strong background in developing investor relations strategies. Primo operates primarily under a recurring revenue model, generating approximately $2.1 billion annually and providing water solutions across North America and Europe.
Primo Water Corporation (NYSE: PRMW) reported a strong third quarter for 2020, with revenues increasing by 10% to $518 million, primarily driven by its water direct and exchange services. Adjusted EBITDA rose significantly by 28% to $111 million, reflecting effective cost management and operational efficiencies. The company also reported a net income of $22 million, compared to $7 million in the prior year. Despite a slight decline in gross profit margin, the company raised its annualized adjusted EBITDA margin target to no less than 18%.
Primo Water Corporation (NYSE:PRMW) announced a dividend of US$0.06 per share, payable on December 4, 2020 to shareholders of record by November 24, 2020. The company generates approximately $2.1 billion in annual revenue and operates under a recurring revenue model, providing water solutions across North America, Europe, and Israel. Primo aims to promote sustainable hydration through its diverse offerings, including delivery, exchange, refill services, and water filtration units, ensuring adherence to strict safety and quality standards.
Primo Water Corporation (NYSE: PRMW) has acquired the assets of Mountain Valley Water Company of Los Angeles, enhancing its service footprint in southern California. This acquisition will add over 8,000 customers to Primo Water North America, enabling the distribution of Mountain Valley Spring® Water and Primo's Sparkletts® brand. The merger aims to bolster customer service and product offerings, aligning with both companies' commitment to high-quality water solutions. This strategic move is expected to further consolidate Primo's market presence in the North American water delivery sector.
Primo Water Corporation (NYSE: PRMW) announced the pricing of a private placement offering of €450 million in senior notes, maturing on October 31, 2028, with an interest rate of 3.875% payable semi-annually starting April 30, 2021. The proceeds will be used to redeem outstanding 2024 Notes and cover related expenses. The settlement is expected around October 22, 2020. The notes will be guaranteed by Primo and related subsidiaries, and are not registered under the Securities Act, limiting their sale to qualified institutional buyers.
Primo Water Corporation (NYSE: PRMW) announced the intention of its subsidiary, Primo Water Holdings Inc., to offer €450 million in senior notes due 2028. The offering is aimed at qualified institutional buyers and certain non-U.S. persons. Proceeds will be used to redeem all outstanding 2024 Notes and cover related costs. The notes will not be registered under the Securities Act, limiting their sale in the U.S. without an exemption. The press release contains forward-looking statements with inherent risks and uncertainties.
Primo Water Corporation (NYSE: PRMW) will release its Q3 financial results on November 5, 2020, before market open. The conference call is scheduled for the same day at 10:00 a.m. ET, allowing investors to participate via a dial-in or a live webcast. Operating in North America and Europe, Primo generates around $2.1 billion in annual revenue through a diversified water solutions model, focusing on direct delivery, water exchange, and refill services.
Primo Water Corporation (NYSE: PRMW) announced its subsidiary, Primo Water North America, has achieved CarbonNeutral® certification for its U.S. operations, adhering to The CarbonNeutral Protocol. This follows eight years of carbon neutrality in its European operations. Verified by SCS Global Services, the company established a GHG inventory and purchased carbon offsets. CEO Tom Harrington emphasized the commitment to sustainability and reducing emissions through propane-powered vehicles and optimized production efficiency. The initiative reinforces Primo's position as a sustainability leader in the beverage industry.
Primo Water Corporation (NYSE: PRMW) announced the acquisition of Mountain Glacier LLC's assets, enhancing its water services in Texas and Tennessee. This acquisition expands Primo's customer base by over 2,500 and includes Mountain Glacier's filtration business, a focus for future growth. Customers in Nashville will receive Crystal Spring® and in Harlingen will enjoy Sparkletts®, both aligned with Primo’s brand. With annual revenues around $2.1 billion, Primo aims to improve customer service and product offerings in the hydration market.
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