Stock Track | Primo Water Plunges Despite Solid Q3 Earnings on Merger Concerns

Stock Track11-07

Primo Water Corporation (NYSE: PRMW) reported impressive third-quarter 2024 results, with earnings per share of $0.35, beating the consensus estimate of $0.30. Revenue also surged 8.8% year-over-year to $511.4 million, exceeding expectations of $490.8 million. The company's strong performance was driven by robust demand across its core water channels, fueled by pricing initiatives and effective cost management.

However, despite the solid financial results, Primo Water's stock plummeted 5.22% on November 7, 2024. The sharp decline appears to be primarily due to investor concerns surrounding the company's impending merger with BlueTriton Brands, a leading provider of bottled water and other beverages.

Primo Water announced that it expects to complete the merger transaction with BlueTriton on or around November 8, 2024, subject to customary closing conditions. Upon completion of the deal, the combined company will operate under the new name Primo Brands and trade on the NYSE under the ticker symbol "PRMB".

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Revenue also surged 8.8% year-over-year ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PRMW","symbol_name":"Primo Water Corporation","start_time":0,"source_url":"","article_id":"1192885927","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1192885927","pubTimestamp":1730991588,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Primo Water Corporation  reported impressive third-quarter 2024 results, with earnings per share of $0.35, beating the consensus estimate of $0.30. Revenue also surged 8.8% year-over-year to $511.4 million, exceeding expectations of $490.8 million. 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