Primo Water Shares Spike As Q2 Earnings Top Estimates, Boosts 2023 Guidance
Portfolio Pulse from Lekha Gupta
Primo Water Corp's Q2 earnings report showed a revenue growth of 4% Y/Y to $593 million, surpassing the consensus of $586.8 million. The company's gross margin expanded to 62.1% and adjusted EBITDA increased 13% Y/Y to $122 million. Primo Water also authorized a new $50 million share repurchase program and declared a dividend per share of $0.08. The company raised its FY23 revenue outlook and reaffirmed the 2024 outlook for high single-digit organic revenue growth.
August 10, 2023 | 3:06 pm
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Primo Water's Q2 earnings beat estimates, showing strong revenue growth and margin expansion. The company also authorized a new share repurchase program and raised its FY23 revenue outlook, which could boost investor confidence.
Primo Water's strong Q2 earnings and positive future outlook could lead to increased investor confidence and a potential rise in the company's stock price in the short term. The new share repurchase program could also provide a boost to the stock price.
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