Primo Water (PRMW) Tops Q1 EPS by 3c, Slight Beat on Revenues; Affirms 2Q Revenue Mid-Point View Below Consensus, FY19 Revenue Mid-Point Guidance Above Consensus

Primo Water (NASDAQ: PRMW) reported Q1 EPS of $0.01, $0.03 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $70.04 million versus the consensus estimate of $69.78 million.

• Net sales of $70.0 million
• Exchange net sales increased 6.0% to $19.4 million
• Dispenser sell-thru units of 185,000
• U.S. Exchange same-store sales unit growth accelerated to 13.6%

(All comparisons above are with respect to the first quarter ended March 31, 2018)

“We are pleased that our start to 2019 was in-line with our expectations driven by continued strength in our exchange and dispenser businesses in the first quarter,” commented Matt Sheehan, Primo Water’s President and Chief Executive Officer. “We remain a market leader in dispenser sales at retail and are enhancing our focus on both growing our sell-thru of dispensers and increasing the connectivity to our water as demonstrated by our unit sell-thru of 185,000 dispensers driven by robust consumer demand. Our team’s operational and marketing focus, combined with the increasing water industry tailwinds, gives us excitement about our future opportunities and position us well for long-term growth.”

GUIDANCE:

Primo Water sees FY2019 revenue of $317-325 million, versus the consensus of $316.91 million.

Primo Water sees Q2 2019 revenue of $76.5-79.5 million, versus the consensus of $79.48 million.

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

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