Business
Reynolds Consumer Products Reports First Quarter 2020 Financial Results
First Quarter 2020 Results Exceed Expectations Provides Update on Annual 2020 Outlook LAKE FOREST, Ill.--(BUSINESS WIRE)-- Reynolds Consumer Products Inc.
About this update from Reynolds Consumer Products Inc.
[{"type":"text","content":"\nFirst Quarter 2020 Results Exceed Expectations\n\n\nProvides Update on Annual 2020 Outlook\n\n LAKE FOREST, Ill.--(BUSINESS WIRE)--\nReynolds Consumer Products Inc. (“Reynolds,” “RCP” or the “Company”), today reported results for the first quarter 2020 ended March 31, 2020.\n\n\n“Despite the challenges of the COVID-19 global pandemic, we were still able to achieve a strong start to the year,” said Lance Mitchell, Reynolds Consumer Products President and Chief Executive Officer. “Our hearts go out to those who are directly or indirectly affected by the pandemic, the serious impacts of which we could not anticipate. Our ability to continue to operate as an essential business is a direct result of our safety culture and management teamwork.”\n\n\nMitchell continued, “RCP plant leaders were able to quickly implement procedures and processes that met or exceeded CDC guidelines in our operations to minimize risk, even ahead of state or local mandates. Updated attendance policies for essential workers have allowed flexibility for employees who may have been exposed to COVID-19 to stay home and self-isolate.”\n\n\n“We quickly implemented a work from home policy for all employees who could do so, successfully transitioning nearly all functions remotely, including our Customer Service, Sales, and Supply Chain teams working with customers and suppliers to accommodate increased demand.”\n\n\n“We are pleased to support our retail partners. They are continuing to serve the nation’s consumers by implementing additional safety precautions through challenging conditions. We thank them for leading the way as an example through this pandemic and providing essential products to consumers.”\n\n\nFirst Quarter 2020 Financial Highlights:\n\n\n\nNet Revenues of $730 million\n\n\nEarnings Per Share of $0.14; Adjusted Earnings Per Share of $0.301\n\n\nNet Income of $26 million; Adjusted Net Income of $63 million1\n\n\nAdjusted EBITDA of $135 million1\n\n\n\nFirst Quarter 2020 Results\n\n\nNet revenues in the first quarter of 2020 were $730 million compared to $665 million in the prior year period. The 10% increase was primarily driven by the increased demand due to the consumer response to the COVID-19 pandemic. This was due to both increased usage as consumers shifted to spending more time at home and pantry stocking of certain of Reynolds products. I...