Primo Water (NASDAQ: PRMW) reported Q2 EPS of ($0.82), versus $0.02 reported last year. Revenue for the quarter came in at $456.8 million, versus $455.6 million reported last year.

SECOND QUARTER HIGHLIGHTS – CONTINUING OPERATIONS

• Revenue increased to $457 million compared to $456 million (increased by 1% excluding the impact of foreign exchange).
• As a result of the impact COVID-19 had on the Company's operations, notably in Europe and Canada, as well as higher overall discount rates, the Company recorded a pre-tax non-cash impairment charge of approximately $115 million related to goodwill and certain intangible assets. As a result, reported net loss and net loss per diluted share were $132 million and $0.82, respectively, compared to reported net income and net income per diluted share of $3 million and $0.02, respectively. Adjusted net income and adjusted net income per diluted share were $13 million and $0.08, respectively, compared to adjusted net income and adjusted net income per diluted share of $17 million and $0.12, respectively.
• Adjusted EBITDA increased 10% to $83 million compared to $75 million and adjusted EBITDA margin increased by 170 basis points.
• The Company returned approximately $10 million to shareowners through quarterly dividends.

"Our second quarter results came in ahead of our revised expectations as we responded swiftly to rapidly changing market conditions," commented Tom Harrington, Primo's Chief Executive Officer. "Our variable cost structure allowed us to quickly reduce spending, while strong growth in our Water Direct/Exchange residential customer base and our Water Refill business, coupled with steadily improving performance from our commercial customers, drove 170 basis points of EBITDA margin improvement in the quarter compared to the prior year. I am incredibly proud of how all of our Primo associates have responded to this crisis and for their commitment to providing our customers with high quality drinking water whenever, wherever, and however they want it."

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