Shares of Primo Brands Corp (NYSE: PRMB) plummeted 7.33% in pre-market trading on Thursday following the company's release of mixed third-quarter results, lowered full-year sales outlook, and announcement of a leadership change.

The beverage company reported third-quarter adjusted earnings of $0.41 per share, surpassing the analyst consensus estimate of $0.38. However, revenue for the quarter came in at $1.766 billion, slightly below the expected $1.775 billion. While the earnings beat was impressive, the revenue miss, albeit small, seems to have disappointed investors.

Adding to the negative sentiment, Primo Brands lowered its full-year net sales growth outlook, now projecting a low single-digit decline. This downward revision suggests the company is facing challenges in its market environment. Additionally, the company announced a significant leadership change, appointing Eric Foss, a member of the Board of Directors, as the new Chairman and Chief Executive Officer, succeeding Robbert Rietbroek. Such a high-level management shift often creates uncertainty among investors, potentially contributing to the stock's decline.