Reynolds Consumer Products Inc. Provides Earnings Guidance for the Third Quarter Ending September 30, 2022, and Fourth Quarter and Full Year Ending December 31, 2022
August 09, 2022 at 07:00 am EDT
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Reynolds Consumer Products Inc. provided earnings guidance for the third quarter ending September 30, 2022, and fourth quarter and full year ending December 31, 2022. The company also expects the following results for its third quarter ending September 30, 2022: Net revenues to grow 8% to 12% on $905 million in the prior year driven by price increases and an estimated low to mid single digit volume decline. Net Income to be in the range of $43 million to $51 million; Adjusted Net Income to be in the range of $45 million to $53 million. EPS to be in the range of $0.20 to $0.24 per share.
The company also expects the following results for its fourth quarter ending December 31, 2022: Net revenues to grow 9% to 17% on $1,021 million in the prior year driven by price increases and flat to slightly down volume. Net income to be in the range of $122 million to $137 million. EPS to be in the range of $0.58 to $0.65 per share.
The company now expects the following results for its fiscal year ending December 31, 2022: Net revenues to be in the range of 8% to 11% growth on $3,556 million in the prior year driven by price increases and volume down mid single digits. Net Income to be in the range of $269 million to $292 million; Adjusted Net Incometo be in the range of $278 million to $301 million. EPS to be in the range of $1.28 to $1.39 per share.
Reynolds Consumer Products Inc. is a consumer products company. The Company produces and sells products across three categories: cooking products, waste and storage products and tableware. The Company offers its products under various brands, such as Reynolds and Hefty. It operates through four segments: Reynolds Cooking & Baking, Hefty Waste & Storage, Hefty Tableware and Presto Products. Reynolds Cooking & Baking segment sells both branded and store brand aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags and slow cooker liners. Hefty Waste & Storage segment produces both branded and store brand trash and food storage bags. Hefty Tableware segment sells both branded and store brand disposable and compostable plates, bowls, platters, cups and cutlery. Presto Products segment sells store brand products in four main categories: food storage bags, trash bags, reusable storage containers and plastic wrap.
Reynolds Consumer Products Inc. Provides Earnings Guidance for the Third Quarter Ending September 30, 2022, and Fourth Quarter and Full Year Ending December 31, 2022