Primo Water (NASDAQ: PRMW) reported Q1 EPS of $0.06, $0.01 better than the analyst estimate of $0.05. Revenue for the quarter came in at $478 million versus the consensus estimate of $477.96 million.

FIRST QUARTER HIGHLIGHTS

• Revenue increased 1% to $478 million compared to $474 million.
• Reported net loss and net loss per diluted share were $10 million and $0.06, respectively, compared to reported net loss and net loss per diluted share of $27 million and $0.19, respectively. Adjusted net income and adjusted net income per diluted share were $9 million and $0.06, respectively, compared to adjusted net income and adjusted net income per diluted share of $11 million and $0.08, respectively.
• Adjusted EBITDA increased 8% to $76 million compared to $70 million and adjusted EBITDA margin increased by 110 basis points to 15.9%.
• Company reiterates expectation for 5% revenue growth in 2021, plus growth from tuck-in M&A. Outlook for Adjusted EBITDA raised $10 million to between $380 million and $390 million.

"Our first quarter results came in ahead of our expectations and position us well for the balance of 2021," said Tom Harrington, Primo's Chief Executive Officer. "Our strong results are impressive given we were cycling the effects of pantry-loading that we experienced during the early days of the pandemic. Our positive momentum heading into the second quarter, coupled with our progress against our key strategic initiatives, support our decision to increase our full year Adjusted EBITDA outlook $10 million to between $380 million and $390 million."

GUIDANCE:

Primo Water sees Q2 2021 revenue of $490-510 million, versus the consensus of $506.46 million.

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