09:19 AM EST, 11/05/2020 (MT Newswires) -- Primo Water (PRMW.TO), a provider of water direct to consumers and water filtration services in North America and Europe, said Thursday that Q3 2020 adjusted net income per diluted share was $0.24 compared with $0.18 in the prior year period.
TSX shares on Wednesday rallied 4.0% to $17.66 apiece in a 52-week range of $9.23 - 21.24.
During the reported period, revenue rose 10% to $518 million from $472 million in the prior year period. This was also higher than the forecast revenue of $497 million.
Primo said it has also returned near $10 million to shareowners through quarterly dividends.
CEO Tom Harrington said: "Continued strong performance in our Water Direct/Exchange residential customer base along with steady improvement from our commercial customer base allowed us to once again exceed expectations for the quarter.
"The cost actions we executed earlier in the year are also yielding better operating results and improved efficiency. As a result, we believe that Primo will be a structurally more profitable company going forward and we are raising our targeted annualized adjusted EBITDA margin to no less than 18%."
Price: 17.66, Change: +0.68, Percent Change: +4.00