Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 109

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 109
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 the year ended December 31, 2023, provision for income tax was $25.1 million, compared to a benefit from income taxes of
$53.1 million for the year ended December 31, 2022. The majority of BlueTriton’s taxable income was generated in the United States and taxed at a federal and state statutory rate of 24.9%.

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Relative to the federal and state statutory rate, the 2023 effective tax rate was 21.3%, primarily impacted by the positive effects of state taxes and research and development tax credits. For the year ended December 31, 2022, the effective tax rate as a result of the income tax benefit was 29.5%, driven by the net loss during the period, further benefited by state taxes and research and development credits. Net Income (Loss) The net income for the year ended December 31, 2023 was $92.8 million, an improvement of $219.5 million as compared to a $126.7 million net loss for the year ended December 31, 2022 due to the factors mentioned above. Segment Results Retail

|                    | ($ in millions) | Year Ended December 31, |    2023 |   |     |   |    2022 |   |     |   | $ Variance |     |     | % Change |   |
|:-------------------|:----------------|:------------------------|--------:|:--|:----|:--|--------:|:--|:----|:--|-----------:|:----|:----|---------:|:--|
| Net sales          |                 | $                       | 3,574.0 |   |     | $ | 3,391.5 |   |     | $ |      182.5 |     |     |      5.4 | % |
| Operating income   |                 |                         |   358.8 |   |     |   |    87.2 |   |     |   |      271.6 |     |     |    311.5 | % |
| Operating margin % |                 |                         |    10.0 | % |     |   |     2.6 | % |     |   |            |     |     |          |   |

During the year ended December 31, 2023, net sales were $3,574.0 million, an increase of $