Exhibit 99.1

Primo Water Corporation Announces Third Quarter 2020 Results

Pure-play water strategy delivers operating income growth of 8%, adjusted EBITDA growth of 28% and 310 basis points of adjusted EBITDA margin improvement

TAMPA, Fla., Nov. 5, 2020 /CNW/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo"), a leading provider of water direct to consumers and water filtration services in North America and Europe as well as a leading provider of water dispensers, purified bottled water, and self-service refill drinking water in the U.S. and Canada, today announced its results for the third quarter ended September 26, 2020.

(Unless stated otherwise, all 2020 comparisons are relative to the comparable period in 2019; all information is in U.S. dollars.)

THIRD QUARTER HIGHLIGHTS – CONTINUING OPERATIONS

• Revenue increased 10% to $518 million compared to $472 million (increased by 9% excluding the impact of foreign exchange).
• Gross profit increased 6% to $304 million compared to $286 million.
• Reported net income and net income per diluted share were $22 million and $0.14, respectively, compared to reported net income and net income per diluted share of $7 million and $0.05, respectively. Adjusted net income and adjusted net income per diluted share were $38 million and $0.24, respectively, compared to adjusted net income and adjusted net income per diluted share of $24 million and $0.18, respectively.
• Adjusted EBITDA increased 28% to $111 million compared to $87 million and adjusted EBITDA margin increased by 310 basis points to 21.4%.
• Returned approximately $10 million to shareowners through quarterly dividends.

"Continued strong performance in our Water Direct/Exchange residential customer base along with steady improvement from our commercial customer base allowed us to once again exceed expectations for the quarter," commented Tom Harrington, Primo's Chief Executive Officer. "The cost actions we executed earlier in the year are also yielding better operating results and improved efficiency. As a result, we believe that Primo will be a structurally more profitable company going forward and we are raising our targeted annualized adjusted EBITDA margin to no less than 18%."

• Gross profit increased 6% to $304 million driven by the acquisition of the legacy Primo business as well as higher gross profit in the North America segment. Gross profit as a percentage of revenue was 58.8% compared to 60.6%. The decline in gross profit margin was the result of lower gross profit in the ROW segment and the lower gross margin profile of the legacy Primo business.
• SG&A expenses were $257 million compared to $244 million. The increase was due to the addition of the legacy Primo business, largely offset by lower SG&A resulting from cost reduction initiatives implemented earlier this year. Costs related to COVID-19 such as severance were approximately $2 million.
• Reported net income and net income per diluted share were $22 million and $0.14, respectively, compared to reported net income and net income per diluted share of $7 million and $0.05, respectively. Adjusted net income and adjusted net income per diluted share were $38 million and $0.24, respectively, compared to adjusted net income and adjusted net income per diluted share of $24 million and $0.18, respectively.
• Adjusted EBITDA increased 28% to $111 million compared to $87 million. The increase was driven primarily by growth in volumes from increased Water Direct services and products to residential customers, improved operating leverage, the benefit of the legacy Primo acquisition and synergy realization.
• Net cash provided by operating activities of $53 million, less $21 million of capital expenditures, resulted in $32 million of free cash flow, or $35 million of adjusted free cash flow (adjusting for the items set forth on Exhibit 7), compared to adjusted free cash flow of $59 million in the prior year.

• Gross profit increased 11% to $232 million driven by the benefit of the legacy Primo acquisition.
• SG&A expenses increased 8% to $184 million driven by the acquisition of the legacy Primo business, partially offset by cost reduction initiatives enacted earlier this year.
• Operating income increased 26% to $46 million. Adjusted EBITDA increased 38% to $91 million, primarily the result of the legacy Primo acquisition, improved operating leverage and synergy realization.

• Gross profit decreased 8% to $72 million driven primarily by decreased volume in our Water Direct commercial customer base and coffee services business.
• SG&A expenses decreased 6% to $61 million driven primarily by cost reduction initiatives enacted in our European business.
• Operating income decreased 11% to $10 million. Adjusted EBITDA was flat at $28 million as decreased volume in our Water Direct commercial customer base and coffee services business was offset by improved operating leverage resulting from cost reduction initiatives implemented earlier this year.

FOURTH QUARTER 2020 REVENUE AND ADJUSTED EBITDA OUTLOOK

Primo is targeting fourth quarter 2020 consolidated revenue from continuing operations of approximately $470 to $500 million excluding the impact of foreign exchange as well as adjusted EBITDA of $85 to $95 million. Fiscal 2020 is a 53-week fiscal year, with an additional operating week in the fourth quarter of 2020. The targets include the legacy Primo business, the benefit of the 53^rd week and exclude the divested S&D Coffee and Tea which is included in discontinued operations.

THIRD QUARTER 2020 RESULTS CONFERENCE CALL

Primo Water Corporation will host a conference call today, November 5, 2020, at 10:00 a.m. ET, to discuss third quarter results, which can be accessed as follows:

North America: (888) 231-8191
International: (647) 427-7450
Conference ID: 1031839

A slide presentation and live audio webcast will be available through Primo's website at https://www.primowatercorp.com. The earnings conference call will be recorded and archived for playback on the investor relations section of the website for a period of two weeks following the event.

ABOUT PRIMO WATER CORPORATION

Primo Water Corporation is a leading pure-play water solutions provider in North America, Europe and Israel and generates approximately $2.1 billion in annual revenue. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo's revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers. The dispensers help increase household penetration which drives recurring purchases of Primo's razorblade offering. Primo's razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill. Through its Water Direct business, Primo delivers sustainable hydration solutions across its 21-country footprint direct to the customer's door, whether at home or to commercial businesses. Through its Water Exchange and Water Refill businesses, Primo offers pre-filled and reusable containers at over 13,000 locations and water refill units at approximately 22,000 locations, respectively. Primo also offers water filtration units across its 21-country footprint representing a top five position.

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 International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.

Primo is headquartered in Tampa, Florida (USA). For more information, visit www.primowatercorp.com.

Non-GAAP Measures

To supplement its reporting of financial measures determined in accordance with GAAP, Primo utilizes certain non-GAAP financial measures.  Primo excludes from GAAP revenue the impact of foreign exchange and the results of the divested Cott Beverages LLC business, and excludes from GAAP gross profit the impact of foreign exchange, to separate the impact of these factors from Primo's results of operations.  Primo utilizes adjusted selling, general and administrative expenses on an actual and pro forma basis, adjusted net income (loss), adjusted net income (loss) per diluted share, and EBITDA and adjusted EBITDA to separate the impact of certain items from the underlying business.  Because Primo uses these adjusted financial results in the management of its business, management believes this supplemental information is useful to investors for their independent evaluation and understanding of Primo's underlying business performance and the performance of its management.  Additionally, Primo supplements its reporting of net cash provided by (used in) operating activities from continuing operations determined in accordance with GAAP by excluding additions to property, plant and equipment to present free cash flow, and by excluding the items identified on the exhibits hereto to present adjusted free cash flow, which management believes provides useful information to investors in assessing our performance, comparing our performance to the performance of our peer group and assessing our ability to service debt and finance strategic opportunities, which include investing in our business, making strategic acquisitions, paying dividends, repurchasing common shares and strengthening the balance sheet.  With respect to our expectations of performance of Primo, reconciliations of estimated adjusted EBITDA are not available, as we are unable to quantify certain amounts that would be required to be included in the relevant GAAP measures without unreasonable effort. We expect that the unavailable reconciling items, which primarily include taxes, interest costs that would occur if the company refinanced debt, costs to capture synergies and phasing of capex, 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. We expect the variability of these factors to have a significant, and potentially unpredictable, impact on our future GAAP financial results. The non-GAAP financial measures described above are in addition to, and not meant to be considered superior to, or a substitute for, Primo's financial statements prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this earnings 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.

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 and operating trends and results (including Primo's outlook on fourth quarter 2020 adjusted revenue and adjusted EBITDA) and related matters. The forward-looking statements are based on assumptions regarding management's current plans and estimates. Management believes these assumptions to be reasonable, but there is no assurance that they will prove to be accurate.

Factors that could cause actual results to differ materially from those described in this press release include, among others: our ability to compete successfully in the markets in which we operate; fluctuations in commodity prices and our ability to pass on increased costs to our customers or hedge against such rising costs, and the impact of those increased prices on our volumes; our ability to manage our operations successfully; our exposure to intangible asset risk;  the impact of national, regional and global events, including those of a political, economic, business and competitive nature; the impact of the spread of COVID-19, related government actions and our strategy in response thereto on our business, financial condition and results of operations; our ability to fully realize the potential benefit of transactions (including the Primo and S&D transactions) or other strategic opportunities that we pursue; our ability to realize cost synergies of our acquisitions due to integration difficulties and other challenges; our limited indemnification rights in connection with the legacy Primo acquisition; currency fluctuations that adversely affect the exchange between the U.S. dollar and the British pound sterling, the exchange between the Euro, the Canadian dollar and other currencies and the exchange between the British pound sterling and the Euro; our ability to maintain favorable arrangements and relationships with our suppliers; our ability to meet our obligations under our debt agreements, and risks of further increases to our indebtedness; our ability to maintain compliance with the covenants and conditions under our debt agreements; fluctuations in interest rates, which could increase our borrowing costs; the incurrence of substantial indebtedness to finance our acquisitions; the impact on our financial results from uncertainty in the financial markets and other adverse changes in general economic conditions; any disruption to production at our manufacturing facilities; our ability to maintain access to our water sources; our ability to protect our intellectual property; compliance with product health and safety standards; liability for injury or illness caused by the consumption of contaminated products; liability and damage to our reputation as a result of litigation or legal proceedings; changes in the legal and regulatory environment in which we operate; the seasonal nature of our business and the effect of adverse weather conditions; our ability to recruit, retain and integrate new management; our ability to renew our collective bargaining agreements on satisfactory terms; disruptions in our information systems; our ability to securely maintain our customers' confidential or credit card information, or other private data relating to our employees or our company; our ability to maintain our quarterly dividend; our ability to adequately address the challenges and risks associated with our international operations and address difficulties in complying with laws and regulations including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010; increased tax liabilities in the various jurisdictions in which we operate; our ability to utilize tax attributes to offset future taxable income; the impact of the 2017 Tax Cuts and Jobs Act on our tax obligations and effective tax rate; or credit rating changes.

The foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors contained in Primo's Annual Report on Form 10-K and its quarterly reports on Form 10-Q, as well as other filings with the securities commissions. Primo does not undertake to update or revise any of these statements considering new information or future events, except as expressly required by applicable law. 

Website: www.primowatercorp.com