Primo Brands reports Q2 adjusted EPS 36c, consensus 41c

Reports Q2 revenue $1.73B, consensus $1.81B. “Since merging eight months ago, we have taken multiple actions to build our new operational footprint, capture synergies and create a leading healthy hydration beverage company. Our team has accomplished significant milestones – streamlining routes, closing facilities and optimizing headcount with a majority of these integration activities implemented in the quarter,” said Robbert Rietbroek, Chief Executive Officer. “Our Q2 results were impacted by previously reported tornado damage to our Hawkins, Texas facility, and service issues during the accelerated integration process. We have since successfully restarted the Hawkins facility and made significant progress toward improving the service issues. Importantly, we also continued executing against our growth strategy, including expanding total points of retail distribution, introducing cross-selling in our direct delivery network, and continuing our strong growth trends in our premium water business.”