Primo Water Corporation Releases 2021 Investor Day Highlights
Nov 17, 2021
- High single digit revenue growth
- Adjusted EBITDA of
$500 million to$525 million dollars - Adjusted EBITDA margin building to the high 21% range, driven by investment in efficiencies, increased scale, and density, and an expected 100-basis point benefit from exiting the Company’s
North America single-use plastic bottled water retail business - Adjusted EPS of
$1.10 to$1.20 per share - A net leverage ratio of between 2.0 and 2.5 times net debt to adjusted EBITDA
- Return on invested capital of more than 12%
The company also announced a multi-year step-up in its dividend payout with an increased quarterly dividend of
Primo will host the virtual event today,
For purposes of public disclosure, including this and future similar events, Primo uses the investor section of its website as the primary channel for publishing key information to its investors, some of which may contain material and previously non-public information.
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Primo’s water solutions expand consumer access to purified, spring and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo is committed to its water stewardship standards and is proud to partner with the
Primo is headquartered in
Non-GAAP Measures
The Company routinely supplements its reporting of GAAP measures by utilizing certain non-GAAP measures to separate the impact of certain items from its underlying business results. Since the Company uses these non-GAAP measures in the management of its business, management believes this supplemental information is useful to investors for their independent evaluation and understanding of Primo’s business. The non-GAAP financial measures are in addition to, and not meant to be considered superior to, or a substitute for, the Company’s financial statements prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this announcement reflect management’s judgment of particular items, and may be different from, and therefore may not be comparable to, similarly titled measures reported by other companies. With respect to the Company’s expectations of its performance, the Company’s reconciliations of expected 2024 metrics (adjusted EBITDA, adjusted EBITDA margin, adjusted EPS, net leverage and ROIC), are not available, as the Company is unable to quantify certain amounts at the degree of precision that would be required in the relevant GAAP measures without unreasonable effort. These items include taxes, interest costs that would occur if the Company issued debt, and costs to acquire and or sell a business if the Company executed such transactions, which could significantly affect our financial results. These items depend on highly variable factors and any such reconciliations would imply a degree of precision that would be confusing or misleading to investors. Primo expects the variability of these factors to have a significant, and potentially unpredictable, impact on the Company’s future GAAP financial results.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management’s expectations as to the future based on plans, estimates and projections at the time Primo makes the statements. Forward-looking statements involve inherent risks and uncertainties and Primo cautions you that several important factors could cause actual results to differ materially from those contained in any such forward-looking statement. The forward-looking statements contained in this press release include, but are not limited to, statements related to future financial results (including Primo’s outlook for 2024), Primo’s planned exit from its single-use bottle retail water business in
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