Primo Water (NYSE:PRMW) Announces Earnings Results, Beats Estimates By $0.02 EPS

Primo Water (NYSE:PRMW) announced its quarterly earnings data on Thursday. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02, Briefing.com reports. Primo Water had a net margin of 12.22% and a return on equity of 9.36%. The company had revenue of $485.00 million during the quarter, compared to analysts’ expectations of $477.40 million. During the same quarter in the prior year, the company earned $0.22 EPS. Primo Water’s revenue was up 7.7% compared to the same quarter last year. Primo Water updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.

Primo Water Price Performance

Shares of NYSE:PRMW traded up $0.15 on Friday, reaching $21.55. 754,907 shares of the company were exchanged, compared to its average volume of 1,204,956. The company has a 50-day moving average of $21.72 and a 200-day moving average of $19.23. The company has a current ratio of 2.13, a quick ratio of 2.02 and a debt-to-equity ratio of 0.87. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 13.39, a price-to-earnings-growth ratio of 1.62 and a beta of 1.10. Primo Water has a 1-year low of $12.92 and a 1-year high of $25.60.

Primo Water Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $0.36 annualized dividend and a dividend yield of 1.67%. Primo Water’s payout ratio is currently 22.36%.

Wall Street Analyst Weigh In

Several research firms have recently commented on PRMW. CIBC lifted their price target on shares of Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a research report on Tuesday, June 18th. JPMorgan Chase & Co. raised their target price on shares of Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. TD Securities boosted their target price on Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. StockNews.com upgraded shares of Primo Water from a “hold” rating to a “buy” rating in a research note on Friday, May 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Primo Water from $17.00 to $20.00 and gave the company a “hold” rating in a report on Friday, May 10th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.83.

Primo Water Company Profile

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.