Primo Water Corp. reported a 85.5 percent increase in its third-quarter profit, driven by an increase in its water business segment, according to a Form 8-K filed on Tuesday afternoon.

The company reported net income of $2.5 million, or 8 cents per share, up from net income of $1.3 million, or 5 cents per share in the same quarter a year ago. The results matched analyst expectations.

Revenue from its water segment net sales jumped 7 percent to $26.2 million. Dispenser segment net sales remained largely unchanged at $9.3 million.

Despite a 4.8 percent rise in revenue to $33.9 million for the quarter, Primo Water sales failed to meet analyst expectations of $34.7 million.

The Winston-Salem company also raised its earnings guidance for the rest of the year, stating it expects revenue to be between $133.2 and $134.4 million.

Wall Street currently estimates yearly revenues to be between $134.2 and $134.5 million.

“We are pleased to report another record quarter with both net sales and profitability above our guidance,” said Primo Water’s Chief Executive Officer Billy D. Prim in a statement. “The strength and consistency of our financial results continues to be driven by more consumers choosing to purchase a water dispenser and bulk water for their home as well as a focus on executing our strategies.”

Primo Water recently announced its plans to buy California-based competitor Glacier Water Services Inc., for $263 million. Scheduled to be completed by the end of 2016, the acquisition will provide Primo with a total of 46,000 retail locations spread throughout the U.S. and Canada.

Primo Water provides water dispensers, bottled water and self-service refill water sold through major retailers.

Its shares closed Tuesday at $13.05, down 4 cents, or 0.31 percent.