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) announced a dividend increase to $0.07 per share, up 16.7% from $0.06, payable on March 28, 2022. The record date for the dividend is March 11, 2022. With annual revenues of approximately $2.1 billion, Primo offers sustainable drinking water solutions across 22 countries, promoting a healthier lifestyle while reducing plastic waste. The company operates under a recurring revenue model with a wide distribution network, including over 13,000 water exchange locations.
Primo Water Corporation (NYSE: PRMW) announced the launch of its new alkaline water brand, Primo Plus, on January 31, 2022. This product complements Primo's existing portfolio, which includes 12 regional and three national brands, aiming to meet the demand for healthy hydration options. Primo Plus is available in 3-gallon bottles and will be distributed in select locations in Sacramento and Southern California, with further rollout planned throughout Q1 and Q2 of 2022. The company generates approximately $2.0 billion in annual revenue through a recurring revenue model.
Primo Water Corporation (NYSE: PRMW) announced it will release its fourth quarter and fiscal year 2021 financial results on February 24, 2022, before the market opens. A conference call will follow at 10:00 a.m. Eastern Time, with a live audio webcast available via the company's website. Primo is a leading provider of sustainable drinking water solutions, generating approximately $2.0 billion in annual revenue through its innovative water dispensers and services that promote a sustainable lifestyle while reducing plastic waste.
Primo Water Corporation (NYSE: PRMW) has announced the acquisition of Sip-Well NV, a leading distributor of water solutions in Belgium. This acquisition strengthens Primo's presence in Western and Central Europe and positions SipWell for growth, driven by increased water consumption and healthier lifestyles. SipWell serves over 20,000 customers with premium water solutions and will continue operations under Primo's global organization. The strategic move enhances Primo's market leadership in sustainable drinking solutions while expanding its product offerings across Europe.
Primo Water Corporation (NYSE: PRMW) announced the acquisition of two water businesses in North America through its subsidiary, Primo Water North America. The acquisitions include Clear Mountain Refreshment Services in Arkansas and North Texas Mountain Valley Corporation, enhancing distribution of Primo's Mountain Valley® premium water brand. These companies collectively serve over 17,000 customers in a region with nearly 20 million residents, reinforcing Primo's commitment to providing sustainable water solutions.
Primo Water Corporation (NYSE: PRMW) has announced the certification of its Mountain Valley and Georgia Mountain sites by SCS Global Services, meeting the Alliance for Water Stewardship (AWS) International Water Stewardship Standard. This certification confirms the company’s commitment to responsible water management. Following previous successes with its Diamond Spring and Wekiva Spring sites, Primo aims to certify all key owned spring water sources by the end of 2022. The company generates approximately $2.0 billion in annual revenue, focusing on sustainability in its water solutions.
Primo Water Corporation (NYSE: PRMW) disclosed its 2024 organic growth outlook during a virtual investor day on Nov. 17, 2021. The company anticipates high single-digit revenue growth and projects adjusted EBITDA between $500 million and $525 million, with an EBITDA margin rising to the high 21% range. Adjusted EPS is expected to be between $1.10 and $1.20 per share. Additionally, Primo announced a multi-year dividend increase, raising the quarterly payout by $0.01 for the years 2022 to 2024, representing an almost 15% annual growth rate.
Primo Water Corporation (NYSE: PRMW) reported a 6% revenue increase to $551 million for Q3 2021, driven by demand in North America Water Direct. Net income fell to $18 million, while adjusted EBITDA decreased 4% to $106 million, impacted by labor inefficiencies linked to COVID-19. The company plans to exit the single-use retail bottled water market to enhance profitability and reduce its carbon footprint. It maintains full year Adjusted EBITDA guidance of $390-$400 million and anticipates 6% organic revenue growth in 2021.
Primo Water Corporation (NYSE: PRMW) declared a quarterly dividend of US$0.06 per share, payable on December 3, 2021, to shareholders of record by close of business on November 23, 2021. The Company generates approximately $2.0 billion in annual revenue, focusing on sustainable water solutions across 22 countries. Its model emphasizes recurring revenue through innovative water dispensers and delivery services, promoting a healthier lifestyle while reducing plastic waste. For more details, visit www.primowatercorp.com.
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