Primo Brands Announces Rise In Net Income From Continuing Operations In Q1

(RTTNews) - Primo Brands Corp. (PRMB), Thursday announced financial results for the first quarter, revealing net income of $34.7 million or $0.09 a share from continuing operations, compared to $33.5 million or $0.15 a share in the previous year.

On adjusted basis, earnings increased to $111.9 million or $0.29 a share from last year's $49.1 million or $0.22 a share.

Revenue totaled $1.613 billion for the quarter versus $1.135 billion in the prior year.

CEO Robbert Rietbroek stated that the company is on track to realize its $200 million cost synergies opportunity by 2025, supporting the full-year outlook for net sales, adjusted EBITDA, and adjusted free cash flow.

In the pre-market hours, PRMB is trading at $33.75, up 2.71 percent on the New York Stock Exchange.