Primo Water Corporation (PRMW - Free Report) posted first-quarter 2020 loss of 4 cents per share, wider than the Zacks Consensus Estimate of a loss of 2 cents. However, the reported figure narrowed from a loss of 14 cents per share in the year-ago quarter.
Total revenues of $474 million beat the Zacks Consensus Estimate of $463 million by 2.4% but decreased 17.4% from the year-ago figure of $574 million.
Highlights of the Release
Selling, general and administrative expenses in the quarter were $255.1 million, up 8.2% from the year-ago period. The increase was due to the addition of the Legacy Primo business, and increased selling and service costs associated with the rise in volumes.
Interest expenses in the reported quarter totaled $19.7 million compared with $19.3 million in the prior-year period.
Cash and cash equivalents amounted to $112.2 million as of Mar 28, 2020, down from $156.9 million on Dec 28, 2019.
Long-term debt was $1,270.9 million as of Mar 28, 2020, higher than $1,259.1 million at 2019-end.
Cash used in operating activities in first-quarter 2020 was $27.4 million compared with $22.7 million in the year-ago period.
On Dec 11, 2019, Primo Water's board of directors approved a share repurchase program for up to $50 million of its outstanding common shares. Under the share repurchase program, the company bought back 2.3 million shares at an average price of $10.79 for nearly $25 million during the first quarter.
Primo Water currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Middlesex Water Company (MSEX - Free Report) posted first-quarter 2020 earnings of 44 cents per share, beating the Zacks Consensus Estimate of 38 cents by 15.8%.
American States Water Company (AWR - Free Report) reported first-quarter 2020 operating earnings of 38 cents per share, which missed the Zacks Consensus Estimate of 40 cents by 5%.
SJW Group (SJW - Free Report) posted first-quarter 2020 earnings of 15 cents per share, lagging the Zacks Consensus Estimate of 34 cents by 55.9%.
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