--- schema_version: "secwatch.filing_event.v1" accession: "0001279569-24-000574" form_type: "8-K" ticker: null cik: "0000884713" company_name: "Primo Water Corp /CN/" filed_at: "2024-05-09T23:59:59+00:00" generated_at: "2026-06-02T08:01:13.306850+00:00" event_type: "earnings" sentiment: "positive" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # Primo Water Q1 revenue $452M (+9.6%), adj. EBITDA $94M (+24.2%); raises FY outlook ## Summary - Revenue $452M, up 9.6% YoY; organic growth 8.3%; net income $19M vs $3M prior year. - Adjusted EBITDA $94M, margin 20.8% (up 250 bps); exceeded high end of Q1 guidance. - FY2024 revenue target raised to $1.855-$1.885B; Adjusted EBITDA target $410-$430M. - Adjusted free cash flow outlook raised to $175-$185M, up $5M from prior forecast. - Quarterly dividend declared $0.09/share, payable June 18, 2024; $9M in share repurchases in Q1. ## SEC filing metadata - accession: 0001279569-24-000574 - form_type: 8-K - cik: 0000884713 - company_name: Primo Water Corp /CN/ - filed_at: 2024-05-09T23:59:59+00:00 - event_type: earnings - sentiment: positive - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 2.02, 5.07, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/884713/000127956924000574/0001279569-24-000574-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/884713/000127956924000574/form8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001279569-24-000574 - JSON: https://secwatch.observer/filing/0001279569-24-000574.json - Plain text: https://secwatch.observer/filing/0001279569-24-000574.txt ## Key facts - Earnings Releases Primo Water Corp /CN/ reported the first quarter ended March 30, 2024 results: revenue $452 million, net income $19 million, EPS $0.12 per diluted share. Guidance raised. - Period: the first quarter ended March 30, 2024 - Revenue: $452 million - Net income: $19 million - EPS: $0.12 per diluted share - Guidance: raised - Result: reported results source text: Revenue increased 9.6% to $452 million compared to $413 million driven by revenue growth consisting of 5.1% volume and 4.5% pricing. Organic growth was 8.3% for the quarter. Revenue growth by channel includes 9% in Water Direct / Water Exchange, 11% in Water Refill / Water Filtration and 57% in Other Water, which is primarily Mountain Valley Spring water sold at retail. 1 • Gross profit increased 12% to $291 million compared to $259 million. Gross margin increased 160 bps to 64.4% compared to 62.8%, driven by pricing initiatives, increased volume and operating efficiencies. • SG&A expenses increased 6% to $249 million compared to $235 million. The increase was driven by higher selling and operating costs including delivery commissions that supported volume and revenue growth. • Reported net income and net income per diluted share were $19 million and $0.12, respectively, compared to reported net income and net income per diluted share of $3 million and $0.02, respectively. Adjusted net evidence_url: https://www.sec.gov/Archives/edgar/data/884713/000127956924000574/0001279569-24-000574-index.htm - Shareholder Votes Primo Water Corp /CN/ shareholders approved Appointment of PricewaterhouseCoopers LLP as the Company's Independent Registered Certified Public Accounting Firm for its 2024 fiscal year. at the 2024-05-08 meeting. - Proposal: auditor ratification - Outcome: passed - Meeting: 2024-05-08 source text: Appointment of PricewaterhouseCoopers LLP as the Company's Independent Registered Certified Public Accounting Firm At the Meeting, shareowners approved the appointment of PricewaterhouseCoopers LLP to serve as the Company's independent registered certified public accounting firm for its 2024 fiscal year. evidence_url: https://www.sec.gov/Archives/edgar/data/884713/000127956924000574/0001279569-24-000574-index.htm - Shareholder Votes Primo Water Corp /CN/ shareholders approved Advisory Vote on Executive Compensation. at the 2024-05-08 meeting. - Proposal: say on pay - Outcome: passed - Meeting: 2024-05-08 source text: Advisory Vote on Executive Compensation At the Meeting, shareowners approved, on an advisory basis, the compensation paid to the Company's named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including Compensation Discussion and Analysis, compensation tables and narrative discussion. evidence_url: https://www.sec.gov/Archives/edgar/data/884713/000127956924000574/0001279569-24-000574-index.htm - Shareholder Votes Primo Water Corp /CN/ shareholders approved Approval of Shareholder Rights Plan. at the 2024-05-08 meeting. - Outcome: passed - Meeting: 2024-05-08 source text: Approval of Shareholder Rights Plan At the Meeting, shareowners approved the Company's Shareholder Rights Plan. evidence_url: https://www.sec.gov/Archives/edgar/data/884713/000127956924000574/0001279569-24-000574-index.htm - Shareholder Votes Primo Water Corp /CN/ shareholders approved Approval of Amendment No. 4 to Primo Water's 2018 Equity Incentive Plan. at the 2024-05-08 meeting. - Proposal: equity plan - Outcome: passed - Meeting: 2024-05-08 source text: Approval of Amendment No. 4 to Primo Water's 2018 Equity Incentive Plan At the Meeting, shareowners approved Amendment No. 4 to Primo Water's 2018 Equity Incentive Plan. evidence_url: https://www.sec.gov/Archives/edgar/data/884713/000127956924000574/0001279569-24-000574-index.htm - Shareholder Votes Primo Water Corp /CN/ shareholders approved Election of Britta Bomhard, Susan E. Cates, Eric J. Foss, Jerry Fowden, Derek R. Lewis, Lori T. Marcus, Billy D. Prim, Robbert Rietbroek, Archana Singh and Steven P. Stanbrook as directors. at the 2024-05-08 meeting. - Proposal: director election - Outcome: passed - Meeting: 2024-05-08 source text: Election of Directors At the Meeting, shareowners approved the election of Britta Bomhard, Susan E. Cates, Eric J. Foss, Jerry Fowden, Derek R. Lewis, Lori T. Marcus, Billy D. Prim, Robbert Rietbroek, Archana Singh and Steven P. Stanbrook to serve for the ensuing year and until their respective successors are elected. evidence_url: https://www.sec.gov/Archives/edgar/data/884713/000127956924000574/0001279569-24-000574-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.