Business
Reynolds Consumer Products Reports Second Quarter 2023 Financial Results
Leading Categories & Expanding Margins Executing Reynolds Cooking & Baking Recovery Initiatives Reiterating Full Year Revenue Outlook & Updating Full Year
About this update from Reynolds Consumer Products Inc.
[{"type":"text","content":"\nLeading Categories & Expanding Margins\n\n\nExecuting Reynolds Cooking & Baking Recovery Initiatives\n\n\nReiterating Full Year Revenue Outlook & Updating Full Year Earnings Guide\n\n\nVoluntary $100M Debt Payment\n\n\n LAKE FOREST, Ill.--(BUSINESS WIRE)--\nReynolds Consumer Products Inc. (the “Company”) (Nasdaq: REYN) today reported financial results for the second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Highlights\n\n\n\nNet Revenues of $940 million, up 3% over Q2 prior year Net Revenues\n\n\n\nNet Income of $66 million vs. $52 million in Q2 2022, up 27% over Q2 prior year Net Income\n\n\n\nAdjusted EBITDA of $150 million vs. $118 million in Q2 2022, up 27% over Q2 prior year Adjusted EBITDA\n\n\n\nEarnings Per Share of $0.32 vs. $0.25 in Q2 2022, up 28% over Q2 prior year Earnings Per Share\nAdjusted Earnings Per Share of $0.32 vs. $0.26 in Q2 2022, up 23% over Q2 prior year Adjusted Earnings Per Share\n\n\n\nOperating Cash Flow of $207 million in first six months of 2023 vs. $101 million in first six months of 2022\n\n\n\nNet revenues increased 3% driven by higher pricing and unchanged volume by comparison to volume in the prior year. Net income and Adjusted EBITDA increased driven by year-over-year improvements in all businesses primarily as a result of pricing actions implemented in the prior year and lower operational costs which were partially offset by expected increases in SG&A expenses. In addition, net income was impacted by higher interest costs consistent with the Company’s guide.\n\n\n“I am exceptionally pleased with our second quarter results which were driven by the continued successful implementation of Reynolds Cooking & Baking recovery initiatives and effective execution of our plan in all businesses,” said President and Chief Executive Officer, Lance Mitchell. “As a result of our team’s focus on achieving historical levels of profitability, we enter the second half of our fiscal year with restored earnings in all four of our businesses, continued leadership of our categories and a comprehensive plan to drive growth of our categories and business. Our integrated brand and store brand business model remains a competitive advantage. We are building on that foundation by increasing our investment in advertising, implementing proven promotional programs and driving innovation - including new susta...