Primo Water Corporation Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2017; Revises Financial Guidance for 2018; Provides Financial Guidance for the First Quarter of 2018
Total net sales more than doubled to $286.1 million from $142.5 million for the prior year, with growth in all three segments - Dispensers, Refill and Exchange. U.S. GAAP net loss was $6.4 million, or $0.19 per diluted share, compared to a net loss of $5.9 million, or $0.21 per diluted share for the prior year. Net income includes a non-cash income tax benefit of $3.1 million primarily related to the revaluation of U.S. deferred tax liabilities as a result of the Tax Reform Act. Adjusted EBITDA increased 127% to $54.7 million from $24.1 million for the prior year, due primarily to the Glacier acquisition and achievement of acquisition synergies, as well as the increase in net sales and SG&A expense leverage. Income from operations was $14,036,000 against loss of $115,000 for the same period of last year. Loss from continuing operations before income taxes was $9,508,000 against $5,898,000 for the same period of last year. Income from continuing operations was $3,031,000 against loss of $11,692,000 for the same period of last year. Diluted earnings per common share from continuing operations was $0.19 against $0.21 for the same period of last year. EBITDA was $37,514,000 against $10,666,000 for the same period of last year. Adjusted net income from continuing operations was $7,234,000 against $10,440,000 for the same period of last year. Diluted adjusted EPS was $0.21 against $0.35 for the same period of last year. Net cash provided by operating activities was $17,574,000 against $16,375,000 for the same period of last year. Purchases of property and equipment was $17,012,000 against $9,859,000 for the same period of last year. Additions to intangible assets was $128,000 against $55,000 for the same period of last year.
The company is raising the guidance for 2018 net sales to $298.0 million to 302.0 million from $291.0 million to $300.0 million and adjusted EBITDA to $61.0 million to $63.0 million from $60.0 million to $62.0 million.
For the first quarter of 2018, the company expects net sales of $66.5 million to $69.5 million and adjusted EBITDA of $11.5 million to $12.0 million.