Primo Water Corp. reported second-quarter earnings in line with estimates, and the company raised its sales estimate for the year after strong results in its refill and exchange business.

The Winston-Salem-based company reported net income of $451,000, or 1 cent per share, compared to a loss of $2.5 million, or 7 cents per share, in the same quarter a year ago.

Analysts were expecting earnings of 2 cents per share.

Revenue rose to $75.8 million in the quarter, up from $74.8 million in the quarter a year ago.

“We are pleased with the results for the second quarter as we exceeded our top-line expectations,”
said Chief Executive Officer Matt Sheehan in a statement. “In addition to the strong second quarter operating performance, we successfully completed a follow-on equity offering, which allowed us to refinance all of our outstanding debt into a new credit facility.”

The company projected third-quarter revenue to be between $80.5 million and $83.5 million, below the current analyst consensus estimate of $86.2 million.

However, Primo Water upped its full-year revenue projection to between $305 million and $309 million from the previous guidance of between $303 million and $307 million. The current analyst consensus estimate is for revenue of $305 million.

The company’s dispensers and refill products are available in 45,000 retail locations in the United States and Canada.

In the second quarter, refill sales increased 1.3 percent to $44.7 million from $44.2 million for the prior year quarter. Exchange sales increased 10.4 percent to $20.0 million from $18.1 million for the prior year quarter.

Primo Water’s shares fell 11 cents to $17.43 in Tuesday trading.