Shares of Primo Brands Corp (NYSE: PRMB) plummeted over 5% in the pre-market session on Thursday after the beverage company reported mixed fourth quarter results. Despite posting strong organic sales growth driven by increased volumes, Primo Brands missed consensus estimates for both earnings and revenue in Q4.

The company reported Q4 adjusted earnings of $0.13 per diluted share, up from $0.11 a year ago but below analyst expectations of $0.20. Revenue for the quarter came in at $1.4 billion, a 28.7% year-over-year increase but lower than the $1.58 billion consensus estimate.

However, Primo Brands highlighted its robust organic sales performance, with combined net sales up 5.5% year-over-year to $1.61 billion, driven by a 5.1% contribution from organic growth. The company also raised its estimated cost synergy opportunity to $300 million from the recent acquisition of BlueTriton, with $200 million expected to be captured in 2025.