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 declared a quarterly dividend of US$0.07 per share on common shares. This dividend is payable in cash on December 9, 2022, to shareholders on record at the close of business on November 29, 2022. The company, a leader in sustainable drinking water solutions, generates approximately $2.1 billion in annual revenue and operates under a recurring revenue model. Its offerings include water delivery and dispenser sales across a 21-country footprint, promoting healthier lifestyles while reducing plastic waste.
Primo Water Corporation (NYSE: PRMW) has acquired substantially all assets of Crystal Spring Water Company, enhancing its reach in the Northeast. This acquisition adds approximately 2,500 customers to Primo Water North America, consolidating its footprint in Rhode Island and Southeastern Massachusetts. Founded in 1907, Crystal Spring is known for its high-quality spring water and customer service. Primo, a leader in sustainable drinking water solutions, generates around $2.1 billion in annual revenue, promoting healthier lifestyles and reducing plastic pollution.
Primo Water Corporation (NYSE: PRMW) announced it will release its third quarter 2022 financial results on November 10, 2022, before the markets open. A conference call will follow at 10:00 a.m. Eastern Time on the same day, which will be available via a live webcast. The company generated approximately $2.1 billion in annual revenue, operating under a recurring revenue model primarily through water dispensers and delivery services across 21 countries. Primo focuses on providing sustainable drinking water solutions while adhering to strict safety and quality standards.
MarineMax, Inc. (NYSE: HZO) has appointed Mercedes Romero to its Board of Directors, effective October 1, 2022. Romero, currently the Global Chief Procurement Officer at Primo Water (Nasdaq: PRMW), brings over 25 years of experience across multiple industries, including Consumer Goods and Spirits. She has a proven track record in operational efficiencies and strategic planning, which is expected to enhance MarineMax’s growth strategy. Romero's international experience will provide new perspectives to the board during a pivotal growth phase for the company.
Primo Water Corporation (NYSE: PRMW) announced the acquisition of two French companies, Eureau Sources and Defeaus, which specialize in spring water marketing and packaging. Founded in 1996, Eureau Sources is a leader in bottling water in carafes and operates across France. Defeaus, also established in 1996, markets HERMES spring water mainly in the Île-de-France region. This acquisition aligns with Primo's strategy to enhance sustainable water solutions, expanding its footprint in Europe while maintaining product and service continuity for Eureau and Defeaus customers.
Primo Water Corporation (NYSE: PRMW) announced the retirement of Chief Financial Officer Jay Wells, effective April 1, 2023. Wells, who joined the company in March 2012, played a key role in its transformation to a pure-play water company, contributing to financial and operational improvements. The company has begun a search for his successor, considering both internal and external candidates. Primo Water operates in North America and Europe, generating approximately $2.1 billion in annual revenue through its sustainable water solutions.
Primo Water Corporation (NYSE: PRMW) reported a 9% revenue increase to $571 million for Q2 2022, boosted by improved pricing and customer growth. Despite a net loss of $23 million, adjusted net income rose to $33 million. The company raised its full-year revenue growth forecast to 12%-14% and adjusted EBITDA to $415-$425 million. The gross profit increased 12% to $332 million, with a stable adjusted EBITDA margin of 18.9%. Challenges included foreign exchange impacts and exiting the single-use bottled water retail business in North America.
Primo Water Corporation (NYSE: PRMW) has announced a new $100 million share repurchase program, effective from August 15, 2022 to August 14, 2023. This initiative aims to enhance shareholder value while maintaining regular dividends, with a declared quarterly dividend of US$0.07 per share payable on September 7, 2022. The company emphasized its strong cash flow and commitment to invest in growth opportunities, while confident in the attractiveness of its shares.
On July 21, 2022, Primo Water Corporation (NYSE: PRMW) announced its exit from the Russian market, which contributed only $14 million in revenues and less than 1% of consolidated EBITDA in 2021. The company focuses on sustainable drinking water solutions across North America and Europe, generating approximately $2.1 billion annually. Primo operates a recurring revenue model through water dispensers and offers services such as Water Direct, Water Exchange, and Water Refill, promoting healthier lifestyles while minimizing plastic waste.
On July 18, 2022, Primo Water Corporation (NYSE: PRMW) announced the acquisition of Highland Mountain Water in Atlanta, Georgia. This strategic move enhances Primo's distribution of its Mountain Valley® premium water brand, adding over 2,500 customers and a service area covering 4 million residents. CEO Tom Harrington emphasized the alignment of this acquisition with the company's mission to provide sustainable hydration solutions. With approximately $2.1 billion in annual revenue, Primo continues to focus on expanding market reach and improving customer service.
FAQ
What is the current stock price of Primo Water Corporation (PRMW)?
What is the market cap of Primo Water Corporation (PRMW)?
What does Primo Water Corporation do?
What are Primo Water's primary products?
Where is Primo Water Corporation headquartered?
How does Primo Water generate revenue?
What recent business changes has Primo Water made?
What is the environmental impact of Primo Water's services?
What is Primo Water's market share in water dispensers?
How many retail locations sell Primo Water products?
Who founded Primo Water Corporation?
What partnerships does Primo Water have?
