Shares of Primo Brands Corp (PRMB) surged 10.99% in intraday trading on Wednesday, extending a pre-market rally after the beverage company reported second-quarter results that handily beat Wall Street expectations and raised its full-year sales growth forecast.

The company posted adjusted earnings per share of $0.37 for the quarter ended June 30, surpassing the consensus estimate of $0.32. Net sales rose 3.8% to $1.80 billion, topping analyst expectations of $1.76 billion, while adjusted net income came in at $134.2 million versus the $119 million projected by analysts. Net income from continuing operations more than doubled to $69.2 million from $30.5 million a year earlier, and adjusted EBITDA increased 5% to $385 million with margins expanding 20 basis points to 21.4%.

Adding to the bullish sentiment, management raised its full-year 2026 net sales growth outlook to 2%-4% from the prior 1%-3% range, citing stronger fundamentals, improved execution, and robust growth in retail channels led by regional spring water and premium brands. The company also highlighted an earlier-than-anticipated return to growth in its Direct Delivery business and reaffirmed its adjusted EBITDA guidance of $1.465 billion to $1.515 billion.