TAMPA, Fla., U.S. – Primo Water Corporation, a leading provider of water direct to consumers and water filtration services in North America and Europe as well as a leading provider of water dispensers, purified bottled water, and self-service refill drinking water in the U.S. and Canada, today announced that Primo is updating its revenue and adjusted EBITDA outlook for the first half of 2020, and that it has repaid $100 million under its revolving credit facility.
Primo now expects first half 2020 consolidated revenue from continuing operations of approximately $915 to $935 million excluding the impact of foreign exchange as well as adjusted EBITDA of approximately $140 to $145 million. This compares to the previous guidance for the first half of 2020 of approximately $905 to $925 million excluding the impact of foreign exchange as well as adjusted EBITDA of approximately $140 million. The targets include the Legacy Primo business and exclude S&D Coffee and Tea which is included in discontinued operations.
Primo Water Corporation also announced that it has repaid $100 million of the $170 million drawn from its revolving credit facility in March 2020. After repayment, the Company retains approximately $264 million in liquidity, including approximately $165 million in cash and $99 million in unused committed revolving credit capacity.
“We are pleased with the results to date of the actions implemented in the current environment, which include growth opportunities as well as cost and cash management plans, and as a result, we are raising the revenue and adjusted EBITDA outlook previously communicated for the first half of 2020,” said Tom Harrington, Chief Executive Officer. “We are well positioned from a debt and liquidity point of view and believe we have positioned ourselves to capitalize on expected growth in the water category, as we execute on our pure-play water solutions strategy.”