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NEW YORK -On Thursday, Primo Brands Corporation (NYSE:PRMB) shares jumped 3.26% after the beverage company reported strong fourth quarter revenue growth, despite missing analyst estimates.
The company posted Q4 revenue of $1.4 billion, up 28.7% year-over-year, but below the consensus estimate of $1.58 billion. Adjusted earnings per share came in at $0.13, missing expectations of $0.21.
Primo Brands said Combined Net Sales, which includes results from both BlueTriton and Primo Water, increased 5.5% to $1.61 billion in Q4. The growth was primarily driven by volume gains of 4.4%.
"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," said CEO Robbert Rietbroek.
For full-year 2024, Combined Net Sales rose 5.4% to $6.81 billion. The company said organic growth contributed 5% to the full-year sales increase.
Looking ahead, Primo Brands expects 3-5% net sales growth in 2025. It also raised its cost synergy target from the BlueTriton merger to $300 million, with $200 million expected to be captured in 2025.
The company increased its quarterly dividend to $0.10 per share.
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