Business
Reynolds Consumer Products Reports Fourth Quarter and Fiscal 2021 Financial Results
Strong Consumption Continues Forecasting Earnings Growth to Resume Q2 Prioritizing Reyvolution Cost Savings Initiatives LAKE FOREST, Ill.--(BUSINESS WIRE)--
About this update from Reynolds Consumer Products Inc.
[{"type":"text","content":"\nStrong Consumption Continues\n\nForecasting Earnings Growth to Resume Q2\n\nPrioritizing Reyvolution Cost Savings Initiatives\n\n LAKE FOREST, Ill.--(BUSINESS WIRE)--\nReynolds Consumer Products Inc. (“Reynolds,” “RCP” or the “Company”) (Nasdaq: REYN) today reported results for the fourth quarter and fiscal year ended December 31, 2021.\n\nFiscal Year 2021 Highlights\n\n\nNet Revenues of $3,556 million, up 9% over prior year net revenues\n\n\nNet Income of $324 million; Adjusted Net Income of $335 million\n\n\nAdjusted EBITDA of $601 million\n\n\nEarnings Per Share of $1.54; Adjusted Earnings Per Share of $1.59\n\n\nNet revenues increased 9% on top of record net revenues in 2020, reflecting pricing to offset increased material costs, continued strong demand and continued benefits from innovation. Net income was $324 million, down 11% versus last year’s net income, and Adjusted EBITDA was $601 million, down 16% versus last year’s Adjusted EBITDA as price increases lagged increases in material, labor and logistics costs, partially offset by higher volume and lower SG&A.\n\n“We reported another year of record net revenues and enter 2022 with continued strong demand for our products,” said Lance Mitchell, President and Chief Executive Officer. “We expect a third consecutive year of record revenue this year and a return to profit growth in the second quarter. RCP is stronger today thanks to the determination, hard work and creativity of our people in a very dynamic market. I am exceptionally proud of our team and see tremendous potential for our business in 2022 and beyond.”\n\nFourth Quarter 2021 Highlights\n\n\nNet Revenues of $1,021 million, up 15% over Q4 prior year net revenues\n\n\nNet Income of $105 million; Adjusted Net Income of $107 million\n\n\nAdjusted EBITDA of $181 million\n\n\nEarnings Per Share of $0.50; Adjusted Earnings Per Share of $0.51\n\n\nNet revenues increased 15% on top of record fourth quarter net revenues in 2020, reflecting pricing to offset increased material costs, strong demand and continued benefits from innovation. Net income was $105 million, down 6% versus last year’s net income, and Adjusted EBITDA was $181 million, down 9% versus last year’s Adjusted EBITDA as price increases lagged increases in material, labor and logistics costs, partially offset by higher volume and lower SG&A.\n\nReynolds Co...