PRMW - Primo Water Corporation (PRMW) Q1 2024 Earnings Call Transcript
2024-05-09 16:42:13 ET
Primo Water Corporation (PRMW)
Q1 2024 Earnings Conference Call
May 09, 2024 10:00 AM ET
Company Participants
Jon Kathol - Vice President-Investor Relations
Robbert Rietbroek - Chief Executive Officer
David Hass - Chief Financial Officer
Conference Call Participants
Nik Modi - RBC Capital Markets
Andrea Teixeira - JPMorgan
Dan Moore - CJS Securities
John Zamparo - CIBC
Steve Powers - Deutsche Bank
Pavel Molchanov - Raymond James
Derek Lessard - TD Securities
Presentation
Operator
Good morning. My name is Joanna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primo Water Corporation's First Quarter 2024 Earnings Conference Call. [Operator Instructions]
Thank you. I'll now turn the call over to Jon Kathol, Vice President, Investor Relations. Please go ahead.
Jon Kathol
Welcome to Primo Water Corporation's first quarter 2024 earnings conference call. All participants are currently in listen-only mode. The call is being webcast live on Primo Water's website at primowatercorp.com and will be available there for playback. This conference call contains forward-looking statements, including statements concerning the company's future financial and operational performance. These statements should be considered in connection with cautionary statements and disclaimers contained in the safe harbor statements in this morning's earnings press release and the company's annual report on Form 10-K and quarterly reports on Form 10-Q and other filings with securities regulators.
The company's actual performance could differ materially from these statements, and the company undertakes no duty to update these forward-looking statements, except as expressly required by applicable law. A reconciliation of any non-GAAP financial measures discussed during the call with the most comparable measures in accordance with GAAP when the data is capable of being estimated, is included in the company's first quarter earnings announcement released earlier this morning or on the Investor Relations section of the company's website at primowatercorp.com.
In addition to slides accompanying today's webcast to assist you throughout our discussion, we have included a copy of the presentation in a supplemental earnings deck on our website. I am accompanied by Robbert Rietbroek, Primo Water's Chief Executive Officer; and David Hass, Chief Financial Officer.
With that, I will now turn the call over to Robert.
Robbert Rietbroek
Thank you, John, and good morning, everyone. I'm very pleased with our performance in the first quarter where we showed strength across the business and organization, with balanced and broad-based growth across all channels. Total revenue of $452 million increased 9.6%, consisting of volume growth of 5.1% and pricing growth of 4.5%.
Revenue gains were driven by organic growth of 8.3% demonstrating the health of our consumer and category, as well as our leadership position across our portfolio. Adjusted EBITDA was $94 million, up 24% versus the prior year. And the resulting adjusted EBITDA margin was 20.8%, which gives us confidence in our full year margin expansion. Both revenue and adjusted EBITDA exceeded the high end of our guidance issued last quarter. David will discuss more with the details of the quarter in a moment, but the results are direct reflection of our associates and their commitment to our customers. We remain frontline focused with a clear eye to growing the business profitably. I would like to publicly recognize and thank them for embracing our must-win priorities and for their dedication....
Primo Water Corporation (PRMW) Q1 2024 Earnings Call Transcript