h3 Primo Water Corporation Announces Second Quarter 2024 Financial Resultsh3p strong Primo Water Co
Intellectia.AI Updated: 1970-01-01
Primo Water Corporation Announces Second Quarter 2024 Financial Results
Primo Water Corporation (NASDAQ: PRMW) reported its financial results for the second quarter ending June 29, 2024, showcasing a strong quarter driven by strategic initiatives and solid demand across its major segments.
Key Financial Metrics
| Financial Metrics | Q2 2024 Actuals | Q2 2023 Actuals | Year-over-Year Change | Wall Street Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $485.0 million | $450.6 million | +7.6% | $659.27 million |
| Earnings Per Share (EPS) | $0.08 | $0.09 | -11.1% | $0.34 |
Interpretation: The company experienced a 7.6% increase in total revenue year-over-year, attributed largely to strategic pricing initiatives and increased demand. However, the EPS slightly declined by 11.1% compared to the same period last year, falling short of Wall Street consensus estimates.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Year-over-Year Change |
|---|---|---|---|
| North America | $484.8 million | $450.5 million | +7.6% |
| Other (primarily corporate oversight and misc.) | $0.2 million | $0.1 million | +100% |
Interpretation: The North America segment primarily drove revenue growth, reflecting the overall increase in demand and effective pricing strategies.
Dividends and Share Repurchase Program
- On August 6, 2024, Primo Water Corporation declared a quarterly dividend of $0.09 per share, payable on September 5, 2024, to shareholders of record at the close of business on August 22, 2024.
- The company noted that it has paused its share repurchase program due to the pending transaction with BlueTriton Brands.
Stock Price Movement Post-Earnings Release
- Following the earnings release, Primo Water Corporation's stock price experienced a slight decline of approximately 0.0459%.
Summary: Primo Water Corporation reported a solid quarter with significant revenue growth. However, EPS fell short of expectations, and due to the pending BlueTriton Brands transaction, the company has paused its share repurchase program. The slight decline in stock price post-earnings suggests a mixed reaction from investors.
Important Note : All data presented in this summary are based on the details provided in the earnings release or as per the standard formats mentioned in the request.
