Primo Water raises FY23 revenue view to $2.32B-$2.36B from $2.3B-$2.35B

Consensus $2.33B. Raises FY23 adjusted EBITDA view to $460M-$480M from $450M-$470M. Sees FY23 capital expenditures $200M. Sees FY23 adjusted free cash flow $150M. “Our second quarter performance gives us confidence to increase our 2023 outlook to between $2.32 billion and $2.36 billion of revenue and Adjusted EBITDA to between $460 million and $480 million. Adjusted Free Cash Flow is now forecasted to increase to approximately $150 million, an increase of $10 million. We are also reaffirming our 2024 outlook for high single digit organic revenue growth and Adjusted EBITDA approaching $530 million,” said Harrington.