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Mar 31, 2024
Reynolds Q1 2024 Earnings Report
Reynolds Consumer Products' first quarter 2024 financial results were reported, featuring increased net income and adjusted EBITDA, along with a reiterated full-year outlook.
Key Takeaways
Reynolds Consumer Products reported strong first-quarter results, with net revenues of $833 million. Net income increased to $49 million, and adjusted EBITDA rose to $122 million. The company reiterated its full-year outlook for net revenues and adjusted EBITDA while increasing its full-year outlook for net income and earnings per share.
Net revenues reached $833 million, compared to $874 million in Q1 2023.
Net income and adjusted net income increased to $49 million, up from $17 million in Q1 2023.
Adjusted EBITDA increased to $122 million, compared to $82 million in the same quarter last year.
Earnings per share and adjusted earnings per share both rose to $0.23, an increase from $0.08 in Q1 2023.
Reynolds
Reynolds
Reynolds Revenue by Segment
Revenue by Segment
Reynolds Cooking & Baking Revenue
CapyFin.comHefty Waste & Storage Revenue
CapyFin.comHefty Tableware Revenue
CapyFin.comPresto Products Revenue
CapyFin.comUnallocated Revenue
CapyFin.com Forward Guidance
The Company reiterates its full year outlook for Net Revenues, Adjusted EBITDA and Net Debt, and increases its full year outlook for Net Income and Earnings Per Share.
Positive Outlook
- Full-year Net Revenues are guided to be approximately $3,530 million to $3,640 million.
- Full-year Net Income and Adjusted Net Income are expected to be $341 to $357 million.
- Full-year Adjusted EBITDA is projected to be $660 to $680 million.
- Full-year Earnings Per Share and Adjusted Earnings Per Share are anticipated to be $1.62 to $1.70.
- Net Debt at December 31, 2024, is expected to be $1.5 to $1.6 billion.
Challenges Ahead
- Second quarter Net Revenues are expected to be $875 million to $900 million versus prior year Net Revenues of $940 million.
- Second quarter Net Income and Adjusted Net Income are expected to be $88 to $96 million.
- Second quarter Adjusted EBITDA is expected to be $160 to $170 million.
- Second quarter Earnings Per Share and Adjusted Earnings Per Share are expected to be $0.42 to $0.46.
- A 3.5% reduction is expected from lower non-retail volume and optimization of the retail product portfolio.
Revenue & Expenses
Visualization of income flow from segment revenue to net income