Primo Brands Posts $1.82B Q3 Sales, Adds $300M Buyback

Primo Brands Corporation, the North American bottled-water company with dual headquarters in Tampa, Florida, and Stamford, Connecticut, reported third-quarter net sales of $1.821 billion on Thursday, up 3.1% from $1.766 billion a year earlier, according to its Exhibit 99.1 filed with the Securities and Exchange Commission.

• Net sales: $1.821 billion, up 3.1%
• Net income from continuing operations / diluted EPS: $124.5 million / $0.34
• Adjusted net income / adjusted diluted EPS: $157.1 million / $0.43
• Adjusted EBITDA: $411.0 million, up 1.6%; margin 22.6%
• Gross margin: 30.4%, up from 29.9%
• Adjusted free cash flow: $274.2 million; net leverage 3.32x

The company said sales rose mainly on higher volumes of premium brands and regional spring water. Premium water net sales climbed to $122.1 million from $98.2 million. Regional spring water rose to $911.5 million from $885.6 million. Selling, general and administrative expenses fell to $316.3 million from $343.0 million.

Guidance, dividend and buyback

Primo Brands said it expects 2026 comparable net sales growth near the midpoint of its prior 2% to 4% range and adjusted EBITDA at the lower end of its prior $1.465 billion to $1.515 billion band. Adjusted free cash flow guidance of $790 million to $810 million was unchanged.

The board declared a $0.12-per-share Class A dividend payable Dec. 4 to holders of record Nov. 24, and authorized a new share repurchase program of up to $300 million that replaces the prior plan, which had about $41 million of unused capacity as of Sept. 30. Share repurchases in the quarter totaled $22.1 million. Consumer names reporting this week also include Molson Coors’ cut to full-year guidance.

Sources: Primo Brands Exhibit 99.1 (SEC), Primo Brands Form 8-K (SEC), MarketBeat