Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 111

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 111
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 to a lesser extent, by 2.2% volume growth during 2023. Operating income was $106.3 million during the year ended December 31, 2023, an increase of $50.7 million as compared to the year ended December 31, 2022, primarily as a result of the aforementioned increase in net sales, largely due to pricing and mix and the overall 680 basis point improvement in gross margins, most significantly impacted by a year over year decrease of $21.9 million in freight costs as a result of route optimization initiatives. These benefits were partially offset by higher overall administrative costs, in particular a $53.0 million increase in IT costs. 69

Year Ended December 31, 2022 Compared to the 2021 Successor Period and the 2021 Predecessor Period Consolidated Results The following table sets forth BlueTriton’s consolidated statements of operations data for the periods indicated (in millions). See “—Factors Affecting Comparability of Financial Information—The Nestlé Acquisition” for additional information.

|                                                     |     | Successor |   Year Ended 
 December 31, 
         2022 |   |     |   |  Period from 
  February 3, 
 2021 through 
 December 31, 
         2021 |    |     | Predecessor |  Period from 
   January 1, 
 2021 through 
    March 31, 
         2021 |    |
|:----------------------------------------------------|:----|:----------|-------------:|:--|:----|:--|-------------:|:---|:----|:------------|-------------:|:---|
| Net sales                                           |     | $         |      4,441.1 |   |     | $ |      3,076.9 |    |     | $           |        834.6 |    |
| Cost of sales                                       |     |           |      3,446.9 |   |     |   |      2,440.1 |    |     |             |        615.3 |    |
| Gross profit                                        |     |           |        994.2 |   |     |   |        636.8 |    |     |             |        219.3 |    |
| Gross margin %                                      |     |           |         22.4 | % |     |   |         20.7 | %