Primo Water Corp., a Winston-Salem-based provider of water dispensers, purified bottled water, and self-service water, saw its stock plummet 22.6 percent in after-market trading after it released its lower-than-expected earnings Tuesday afternoon.

The stock price closed at $17.77 and decreased in after market trading, down $4.02 to $13.75.

The third-quarter net loss was $58.2 million, or $1.45 per diluted share, compared to a net income of $4.9 million, or 14 cents per diluted share for 2017.

The third-quarter revenue of $81.8 million was down 0.5 percent from the third quarter a year ago. Six analysts had the company with an average revenue estimate of $83.3 million for the third quarter and earnings of 21 cents per share.

“We continue to execute our long-term strategic plan, particularly our marketing efforts to grow household penetration, which resulted in double-digit growth in sell-thru of dispenser units and the acceleration of same-store unit growth for our exchange business,” said CEO Matt Sheehan in a statement.

Primo attributed the decrease in revenue to a decrease in its refill sales and volume, which was partially offset by growth in dispensers and exchange.

Refill sales decreased 5.8 percent to $48.3 million from $51.3 million as the result of lower volumes partially offset by an increase in price.

The company’s pre-filled exchange water sales increased 5.3 percent to $21.5 million from $20.4 million from the third quarter of 2017, which was driven by an acceleration in U.S. same-store unit growth to 10.4 percent.

Dispenser sales increased 13.8 percent to $11.9 million from $10.5 million in the third quarter of 2017 due to consumer demand.

During the third quarter, the company announced a plan to move forward with one brand in refill and to discontinue the Glacier brand. This will bring the Primo brand to all refill locations in the next two years.

As a result, the company recorded non-cash impairment charges totaling $63.1 million during the third quarter and an additional charge of $4.6 million related to the reduction of the carrying value of its ice assets held-for-sale to their estimated fair value.

The company expects net sales for the full year 2018 to be in the range of $304 million to $308 million, and adjusted EBITDA for the full year to be in the range of $54 million to $58 million.

Analysts currently expect sales of $306.8 million for the year.