US: Primo Water narrows H1 net losses
- First-half net losses improve by 33% to US$4.1m
- Operating losses narrow by 15% to $2.9m
- Sales soar by 80.2% to $37.8m
- Profits boosted by soaring sales in water segment
Sales from Primo's water segment more than doubled to $14.8m in the quarter
Primo Water has narrowed its first-half net losses thanks to soaring sales in its water division in the second quarter.
Net losses in the six months to the end of June improved by 33% to US$4.1m, while operating losses also narrowed, by 15% to $2.9m, the US-based company said late last week. Primo, which produces refillable water bottles, saw sales in the six-month period soar by 80.2% to $37.8m.
In the second quarter, net losses also narrowed, by 34% to $1.98m, while operating losses improved by 59% to $22m. Sales in the period jumped by 70% to $20.7m.
Sales from the water segment more than doubled to $14.8m in the quarter, helped by a 23% increase in sales of multi-gallon purified bottled water.
The company's water segment consists of sales of multi-gallon purified bottled water and self-serve filtered drinking water vending services.
"We are extremely pleased with our ability to execute on our location growth plan, which we believe will lead to long-term revenue growth," said Primo Water's president & CEO, Billy Prim.
Click here to view the full earnings release.
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