Primo Water sees FY24 revenue $1.84B-$1.88B, consensus $2.07B

Sees FY24 adjusted EBITDA $402M-$422M. Sees FY24 adjusted free cash flow $170M-$180M. Rietbroek continued, “Given the strength of our businesses, we expect our first quarter 2024 outlook from continuing operations for revenue to be between $435 million and $445 million and adjusted EBITDA to be between $85 million and $91 million. Full year 2024 outlook from continuing operations for revenue is forecasted to be between $1.84 billion and $1.88 billion and Adjusted EBITDA to be between $402 million and $422 million. Full-year 2024 Adjusted Free Cash Flow from continuing operations is forecasted to be between $170 million and $180 million. These forecasts reflect the successful execution of the previously announced transaction to sell a significant portion of our international businesses. We intend to use the gross proceeds of $575 million from the sale to pursue growth, both organically and through tuck-in M&A, reduce leverage, and return capital to shareholders via share repurchases and dividends. As we move through 2024, we will sell the remainder of the international businesses, further improving our balance sheet and North American focus as we execute our vision and effectively deploy capital.”