Primo Brands Corporation (NYSE: PRMB) ("Primo Brands" or the "Company"), today announced its results for the full year and fourth quarter ended December 31, 2024.

"We had a strong finish to the year as a combined company, Primo Brands Corporation. We exceeded net sales and volume expectations across our core water channels. Organic Combined Net Sales growth was primarily driven by volume which led to earnings growth and margin expansion. Our focus on our 'must-wins' of brand leadership, net organic growth, delivering superior customer service, providing operational excellence and being the first choice for stakeholders drives growth and creates value.  Our strength of brands, market share gains, and increased customer service continues to drive strong momentum," said Robbert Rietbroek, Chief Executive Officer.

"I am pleased with the progress of our integration.  We have accelerated the size and speed of cost synergy capture.  It is now forecasted to be $100 million higher and one year sooner, with $300 million in total expected by year end 2026.  First-year 2025 synergies are estimated to be $200 million, with the balance occurring in 2026.  The synergy capture is reflected in our 2025 outlook," said Mr. Rietbroek.

Q4 AND FULL YEAR FINANCIAL SUMMARY

Q4 2024 Combined Net Sales were $1.609 billion, an increase of 5.5% from the year-ago period, primarily driven by volume gains of 4.4%.  Organic contribution was 5.1%.

Q4 2024 Combined Adjusted EBITDA was $301.4 million, an increase of 3.7% from the year-ago period, with Combined Adjusted EBITDA margin of 18.7%. 

Full year 2024 Combined Net Sales were $6.810 billion, up 5.4% from the year-ago period, primarily driven by volume gains of 3.4%.  Organic contribution was 5.0%. 

Full year 2024 Combined Adjusted EBITDA was $1.353 billion, an increase of 19.5% from the year-ago period, with Combined Adjusted EBITDA margin of 19.9%.

 OUTLOOK

Primo Brands is targeting the following results for full-year 2025, inclusive of the estimated $200 million cost synergies opportunity anticipated for 2025:

 FOURTH QUARTER AND FULL YEAR 2024 RESULTS CONFERENCE CALL

Primo Brands will host a conference call, to be simultaneously webcast, on Thursday, February 20, 2025, at 10:00 a.m. Eastern Time. A question-and-answer session will follow management's presentation. To participate, please call the following numbers:   

Details for the Earnings Conference Call:

Date: February 20, 2025Time: 10:00 a.m. Eastern TimeNorth America: (888) 510-2154International: (437) 900-0527Conference ID: 36944Webcast Link: https://app.webinar.net/vKwE1br1j4n 

A slide presentation and live audio webcast will be available through Primo Brands' website at ir.primobrands.com.

Replay Information:

The earnings conference call will be recorded and archived for playback on the investor relations section of Primo Brands' website for a period of two weeks following the event.

Basis of Presentation

As a result of the timing of the consummation of the business combination of Primo Water Corporation ("Primo Water") and Triton Water Parent, Inc. ("BlueTriton"), to form Primo Brands Corporation on November 8, 2024, the Company's GAAP consolidated financial information presented herein includes BlueTriton's results for the three months and year ended December 31, 2024, and Primo Water's results for the period from November 9, 2024 through December 31, 2024 following the closing of the business combination.

Information in this release that is presented on a "Combined" basis includes results for both BlueTriton and Primo Water on a combined basis inclusive of periods prior to the business combination. Historical information presented on a combined basis does not reflect any pro forma adjustments or other adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved if the business combination occurred on January 1, 2023, other than to reflect the difference in Primo Water's fiscal year-end, and the impact of the accounting conformity related to bottle deposits.

 INVESTOR DAY

We look forward to sharing our progress at our inaugural investor day next week on February 27, 2025. The event will be webcast live beginning at 1:00 PM EST on our website at ir.primobrands.com.  The agenda includes a view of our long term growth algorithm, progress on synergy capture and our go-to-market strategies.

 FOURTH QUARTER PERFORMANCE

 FISCAL YEAR PERFORMANCE         

                1 See exhibit 6

 QUARTERLY DIVIDEND

Primo Brands announced that its Board of Directors declared a dividend of $0.10 per share on the outstanding  common stock of the Company, payable on March 24, 2025, in cash, to the holders of record of such common stock of the Company at the close of business on March 7, 2025.

 ABOUT PRIMO BRANDS CORPORATION

Primo Brands is a leading North American branded beverage company with a focus on healthy hydration, delivering responsibly and domestically sourced diversified offerings across products, formats, channels, price points, and consumer occasions, distributed in every state and Canada. Primo Brands has an extensive portfolio of highly recognizable, responsibly sourced, and conveniently packaged branded beverages distributed across more than 200,000 retail outlets, including established billion-dollar brands, Poland SpringÂR and Pure LifeÂR, premium brands like SaratogaÂR and Mountain ValleyÂR, regional leaders such as ArrowheadÂR, Deer ParkÂR, Ice MountainÂR, OzarkaÂR, and ZephyrhillsÂR, purified brands including Primo WaterÂR and SparklettsÂR, and flavored and enhanced brands like SplashÂR and AC+IONÂR. These brands are sold directly across retail channels, including mass food, convenience, natural, drug, wholesale, distributors, and home improvement, as well as food service accounts in North America. Primo Brands also has extensive direct-to-consumer offerings with its industry-leading line-up of innovative water dispensers, which create consumer connectivity through recurring water purchases across its Water Direct, Water Exchange and Water Refill businesses. Through its Water Direct business, Primo Brands delivers hydration solutions direct to home and business consumers. Through its Water Exchange business, consumers can visit approximately 26,500 retail locations and purchase a pre-filled, multi-use bottle of water that can be exchanged after use for a discount on the next purchase. Through its Water Refill business, consumers have the option to refill empty multiuse bottles at approximately 23,500 self-service refill stations. Primo Brands also offers water filtration units for home and business consumers across North America. Primo Brands is a leader in reusable and circular packaging, helping to reduce waste through its reusable, multi serve bottles and innovative brand packaging portfolio, made from recycled plastic, aluminum, and glass. Primo Brands has a portfolio of over 90 springs and actively manages water resources to help assure a steady supply of quality, safe drinking water today and in the future. Primo Brands also helps conserve over 28,000 acres of land across the US and Canada. The Company is proud to partner with the International Bottled Water Association ("IBWA") in North America, which supports strict adherence to safety, quality, sanitation, and regulatory standards for the benefit of consumer protection. Primo Brands believes in fostering a respectful culture that values its associates and key stakeholders, and is deeply invested in quality hydration, its communities, and the sustainability of its packaging and water sources for generations to come. Primo Brands will continue Primo Water's and BlueTriton's strong support for American communities during natural disasters, in dealing with local and regional hydration quality issues, and in connection with many other local community challenges. Primo Brands employs more than 13,000 associates with dual headquarters in Tampa, Florida, and Stamford, Connecticut, and has more than 70 production facilities and more than 240 depots for efficient delivery to customers and consumers across North America.

Non-GAAP Measures

To supplement its reporting of financial measures determined in accordance with generally accepted accounting principles in the United States ("GAAP"), Primo Brands utilizes certain non-GAAP financial measures.  Primo Brands utilizes organic net sales growth (which excludes the impact of acquisitions). Primo Brands also utilizes Adjusted net income (loss), Adjusted net income (loss) per diluted share, Adjusted EBITDA and Adjusted EBITDA margin to separate the impact of certain items from the underlying business.  Because Primo Brands 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 Brands' underlying business performance and the performance of its management.  Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net Sales. Additionally, Primo Brands 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 and additions to intangible assets to present Free Cash Flow, and by excluding the additional 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 Primo Brands' performance to the performance of the Company's peer group and assessing the Company's ability to service debt and finance strategic opportunities, which include investing in Primo Brands' business, making strategic acquisitions, paying dividends, and strengthening the balance sheet. 

To aid investors and analysts with year-over-year comparability for the combined business of BlueTriton and Primo Water, the Company has also presented certain of these non-GAAP financial measures on a "Combined " basis. Combined non-GAAP financial measures includes results for both BlueTriton and Primo Water on a combined basis inclusive of periods prior to the business combination. Information presented on a combined basis does not reflect any pro forma adjustments or other adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved if the business combination occurred on January 1, 2023, other than to reflect the difference in Primo Water's fiscal year-end, and the impact of the accounting conformity related to bottle deposits.

The non-GAAP financial measures described above are in addition to, and not meant to be considered superior to, or a substitute for, Primo Brands' financial statements prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. Also, other companies might calculate these measures differently. Investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures included in this press release and the accompanying tables. 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.

We have not reconciled our Adjusted EBITDA and Adjusted Free Cash Flow guidance to GAAP net income or loss and cash flows from operations, respectively, because we do not provide guidance for such GAAP measures due to the uncertainty and potential variability of stock-based compensation expense, acquired intangible assets and related amortization and income taxes, which are reconciling items between Adjusted EBITDA and Adjusted EBITDA Margin and their respective most directly comparable GAAP measures. Because such items cannot be provided without unreasonable efforts, we are unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure. However, such items could have a significant impact on our future GAAP net income or loss and GAAP net income or loss margin.

Safe Harbor Statements

This press release contains forward-looking statements and forward-looking information 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 Brands makes the statements. Forward-looking statements involve inherent risks and uncertainties and Primo Brands cautions you that several important factors could cause actual results to differ materially from those contained in any such forward-looking statement. You can identify forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "aim," "anticipate," "believe," "estimate," "intend," "plan," "predict," "project," "seek," "potential," "opportunities," and other similar expressions and the negatives of such expressions.  However, not all forward-looking statements contain these words.  The forward-looking statements contained in this press release include, but are not limited to, statements regarding future financial and operating trends and results (including Primo Brands' 2025 outlook), anticipated synergies and other benefits from the business combination of BlueTriton and Primo Water. 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 manage our expanded operations following the business combination; we have no operating or financial history as a combined company; we face significant competition in the segment in which we operate; our success depends, in part, on our intellectual property; we may not be able to consummate acquisitions, or acquisitions may be difficult to integrate, and we may not realize the expected benefits; our business is dependent on our ability to maintain access to our water sources; our ability to respond successfully to consumer trends related to our products; the loss or reduction in sales to any significant customer; our packaging supplies and other costs are subject to price increases; the affiliates of One Rock Capital Partners, LLC own a significant amount of the voting power of the Company, and their interests may conflict with or differ from the interests of other stockholders; legislative and executive action risks; risks related to sustainability matters; costs to comply with developing laws and regulations, including those surrounding the production and use of plastics, as well as related litigation relating to plastics pollution; our products may not meet health and safety standards or could become contaminated, and we could be liable for injury, illness, or death caused by consumption of our products; and risks associated with our substantial indebtedness.

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 Brands' Annual Report on Form 10-K and its quarterly reports on Form 10-Q, as well as other filings with the securities commissions. Primo Brands 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: ir.primobrands.com

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE Primo Brands Corporation.

SOURCE: Primo Brands Corporation.

Jon Kathol, Vice President, Investor Relations, Tel:813-544-8515,
investorrelations@primobrands.com

COMTEX_462955907/2197/2025-02-20T06:30:00