Business
Reynolds Consumer Products Reports Fourth Quarter and Fiscal 2020 Financial Results
Reports record annual net revenues and profits Sees sustained and fundamental shift in demand Expects another year of record net revenues Announces $100
About this update from Reynolds Consumer Products Inc.
[{"type":"text","content":"\nReports record annual net revenues and profits\n\nSees sustained and fundamental shift in demand\n\nExpects another year of record net revenues\n\nAnnounces $100 million voluntary debt payment\n\nAnnounces 5% increase in quarterly dividend\n\n LAKE FOREST, Ill.--(BUSINESS WIRE)--\nReynolds Consumer Products Inc. (“Reynolds,” “RCP” or the “Company”) today reported results for the fiscal year and fourth quarter ended December 31, 2020.\n\nFiscal Year 2020 Highlights\n\n\nNet Revenues of $3,263 million, up 8% on prior year net revenues\n\n\nNet Income of $363 million; Adjusted Net Income of $413 million 1\n\n\nEarnings Per Share of $1.77; Adjusted Earnings Per Share of $1.971\n\n\nAdjusted EBITDA of $717 million 1 , up 9% on prior year Adjusted EBITDA\n\n\nNet revenues growth was driven by a shift to more at-home use of Company products and the introduction of several new products. The increase in Adjusted EBITDA was driven by the increase in net revenues and lower material and manufacturing costs, partially offset by higher personnel, advertising and logistics costs.\n\n“We reported record performance in 2020, our first year as a public company, delivering strong results because of the hard work, dedication, and commitment of our more than 5,000 employees in a very difficult environment,” said Lance Mitchell, President and Chief Executive Officer. “We expect to build on last year’s performance with another year of record net revenues. We will continue to grow with our categories due to a sustained and fundamental shift in consumer demand coupled with our innovations and best in class service. Our role as category champions aligns us with our retailers, who are also invested in continued growth. We expect 2021 to be another dynamic year, and I look forward to a second consecutive year of strong performance as a public company.”\n\nFourth Quarter 2020 Highlights\n\n\nNet Revenues of $888 million, up 6% on prior year net revenues\n\n\nNet Income of $112 million; Adjusted Net Income of $119 million 2\n\n\nEarnings Per Share of $0.53; Adjusted Earnings Per Share of $0.572\n\n\nAdjusted EBITDA of $198 million 2 , down 7% from prior year Adjusted EBITDA\n\n\nThe increase in net revenues was driven by strong demand, most significantly in our Hefty Waste & Storage segment, and the introduction of new products. The decrease in Adjusted EB...