Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 384

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 384
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 $                         |          25.0 |   |     | $ |          54.8 |

Note 6—Income Taxes Income tax expense was $13.9 million on pre-taxincome of $52.1 million for the three months ended September 28, 2024, as compared to income tax expense of $12.3 million on pre-taxincome of $46.0 million in the comparable prior year period. Income tax expense was $37.4 million on pre-taxincome of $107.6 million for the nine months ended September 28, 2024, as compared to income tax expense of $21.0 million on pre-taxincome of $71.5 million in the comparable prior year period. The effective income tax rate for the three and nine months ended September 28, 2024 was 26.7% and 34.8%, respectively, compared to 26.7% and 29.4%, respectively, in the comparable prior year period. The effective tax rate for the three months ended September 28, 2024 remained consistent with the effective tax rate in the comparable prior year period. The effective tax rate for the nine months ended September 28, 2024 varied from the effective tax rate in the comparable prior year period due primarily to increased non-deductibleexpenses in the US. The effective tax rate for the three and nine months ended September 28, 2024 varied from applicable statutory tax rates due primarily to losses in tax jurisdictions for which no tax benefit was recognized due to existing valuation allowances and income in tax jurisdictions with tax rates lower than the Canadian statutory tax rate. Note 7—Common Shares and Net Income per Common Share Common Shares On August 9, 2023, our Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares. Upon the closing of the European Divestiture on December 29, 2023, an incremental $25.0 million share repurchase was authorized, revising the total share repurchase authorization to $75.0 million. For the nine months ended September 28, 2024, we repurchased 932,896 common shares for approximately $15.9 million through open market transactions under this repurchase plan. There were no shares repurchased under the program during the three months ended September 28, 2024. On August 9, 2022, our Board of Directors approved a share repurchase program for up to $100