11:49 AM EDT, 05/09/2024 (MT Newswires) -- Primo Water ( PRMW ) on Thursday reported first-quarter adjusted net income more than doubled after revenue exceeded the high end of the company's guidance.

First-quarter adjusted net income, which excludes most one-time items, came in at US$30.5 million, or US$0.19 per share, up from US$11.2 million, or US$0.07, in the year-prior quarter. The result beat the S&P Capital IQ consensus estimate for the measure of US$0.14.

Revenue rose 9.6% to US$452 million from US$412.5 million, while adjusted EBITDA came in at US$93.9 million, up 24% from US$75.6 million.

Primo raised its full-year 2024 revenue outlook to between US$1.86 billion and US$1.89 billion and its adjusted EBITDA outlook to between US$410 million and US$430 million.

"Our balanced and broad-based channel performance in the first quarter enables us to raise our revenue, adjusted EBITDA and adjusted free cash flow outlook for the 2024 fiscal year," chief executive Robbert Rietbroek said in a release.

Primo shares were last seen up C$1.62 to C$29.26 on the Toronto Stock Exchange.

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