Business
Reynolds Consumer Products Reports Fourth Quarter and Fiscal Year 2019 Financial Results
Fourth Quarter and Fiscal Year 2019 Results In-Line with Expectations Provides Annual 2020 Outlook Initiates Quarterly Cash Dividend LAKE FOREST,
About this update from Reynolds Consumer Products Inc.
[{"type":"text","content":"\nFourth Quarter and Fiscal Year 2019 Results In-Line with Expectations\n\n\nProvides Annual 2020 Outlook\n\n\nInitiates Quarterly Cash Dividend\n\n LAKE FOREST, Il.--(BUSINESS WIRE)--\nReynolds Consumer Products Inc. (“Reynolds,” “RCP” or the “Company”), today reported results for the fourth quarter and fiscal year ended December 31, 2019.\n\n\n“I am pleased our fourth quarter and fiscal year 2019 financial results were in-line with our projections,” said Lance Mitchell, Reynolds’ President and Chief Executive Officer. “We are very enthusiastic about our successful IPO and debt offering in January. My sincere appreciation and congratulations to all the employees for this achievement. Our team continues to champion our categories and grow with our customers as consumer products preferences evolve. Our focus on durable long-term demand and expectation of stable growth and extremely high brand awareness positions us well to deliver growth in 2020 and beyond. We remain committed to driving revenue growth, market share gains and margin expansion through our Reyvolution initiative.”\n\n\nFiscal Year 2019 Financial Highlights\n\n\n\nNet Revenues for fiscal year 2019 were $3.0 billion, compared to $3.1 billion in the prior year period.\n\n\nNet Income for fiscal year 2019 was $225 million compared to $176 million in the prior year period.\n\n\nAdjusted EBITDA for fiscal year 2019 was $655 million compared to $647 million in the prior year period.1\n\n\n\nFourth Quarter 2019 Financial Highlights \n\n\n\nNet Revenues for the fourth quarter of 2019 were $835 million, compared to $907 million in the prior year period.\n\n\nNet Income for the fourth quarter of 2019 was $90 million compared to $84 million in the prior year period.\n\n\nAdjusted EBITDA for the fourth quarter of 2019 was $214 million compared to $224 million in the prior year period.1\n\n\n\nFiscal Year 2019 Results\n\n\nFiscal year 2019 total net revenues were $3.0 billion, a decrease of $0.1 billion compared to the prior year period. This was largely a result of unusually high demand in the fourth quarter of 2018 as customers increased inventory levels due to uncertainty regarding availability of future transportation. Also contributing to this year over year decline was lower foodservice and reroll sales, the exit of certain low margin store-branded businesses and lower pri...