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Primo Water swings to profit in Q4

Primo Water Corp. said its fourth-quarter normalized net income came to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

The per-share result swung to a profit from the prior-year loss of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $710,000, compared with a loss of $1.1 million in the prior-year period.

The normalized profit margin rose to 2.3% from negative 3.6% in the year-earlier period.

Total revenue increased 6.5% on an annual basis to $31.5 million from $29.6 million, and total operating expenses fell 5.0% on an annual basis to $29.9 million from $31.4 million.

Reported net income totaled $304,520, or 1 cents per share, compared to a loss of $3.7 million, or a loss of 15 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 8 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 11 cents.

EPS was a loss of 19 cents in the prior year.

Normalized net income was $2.2 million, compared with a loss of $4.6 million in the prior year.

Full-year total revenue rose 19.4% on an annual basis to $127.0 million from $106.3 million, and total operating expenses grew 12.3% on an annual basis to $121.4 million from $108.1 million.

The company said reported net income came to $2.2 million, or 8 cents per share, in the full year, compared with a loss of $13.1 million, or a loss of 54 cents per share, the prior year.