Primo Water Corp. (NYSE: PRMW) (TSX: PRMW) said its revenue increased 15% to $505 million for the fourth quarter, ended Jan. 2, 2021, compared with $440 million in the year-ago period. Primo’s gross profit climbed 8% to $282 million, compared with $260 million the year prior.
Reported net loss and net loss per diluted share were $20 million and $0.12, respectively, compared with reported net income and net income per diluted share of $2 million and $0.01.
For the year ended Jan. 2, revenue rose 9% to $1.95 billion. Primo said the increase is driven by the legacy Primo acquisition, increased demand for products and services from residential customers, and its 53rd week in the fiscal year, partially offset by lower revenue from the Water Direct commercial customer base and coffee services.
Headquartered in Tampa, FL, Primo Water Corp. is a leading pure-play water solutions provider in North America, Europe and Israel. It operates largely under a recurring razor and razorblade revenue model. The razor in Primo's revenue model is its water dispenser, which are sold through major retailers and online at various price points or leased to customers.
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