Primo Water (NASDAQ: PRMW) reported Q1 EPS of $0.03, $0.07 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $73 million versus the consensus estimate of $67 million.

First Quarter 2018 Business Highlights:

• Net sales increased 21.3% to $73.7 million
• Dispensers net sales increased 82.6% to $13.9 million
• Refill net sales increased 14.1% to $41.5 million
• Exchange net sales increased 9.0% to $18.3 million
• Net income of $1.2 million, or $0.04 per diluted share
• Adjusted EBITDA increased 26.6% to $12.4 million
• Record sell-thru of dispenser units; an increase of 29.0% to 185,000
• Acceleration of U.S. Exchange same-store unit growth to 9.5%

2018 Outlook

For the second quarter of 2018, we expect net sales of $70.5 million to $73.5 million and adjusted EBITDA of $14.7 million to $15.2 million.

We are raising our net sales guidance for 2018 to a range of $303.0 million to $307.0 million, compared to our previous range of $298.0 million to $302.0 million. We are reiterating our guidance for adjusted EBITDA of $61.0 million to $63.0 million, as we expect to invest the contribution from the incremental sales growth into existing and new marketing initiatives.

GUIDANCE:

Primo Water sees FY2018 revenue of $303-307 million, versus the consensus of $301.91 million.

For earnings history and earnings-related data on Primo Water (PRMW) click here.