Business
Reynolds Consumer Products Reports Strong Second Quarter 2020 Financial Results
Guides 2020 Outlook to Upper End of Previously Provided Range Announces Quarterly Dividend of $0.22 Per Share LAKE FOREST, Ill.--(BUSINESS WIRE)-- Reynolds
About this update from Reynolds Consumer Products Inc.
[{"type":"text","content":"\nGuides 2020 Outlook to Upper End of Previously Provided Range\n\n\nAnnounces Quarterly Dividend of $0.22 Per Share\n\n LAKE FOREST, Ill.--(BUSINESS WIRE)--\nReynolds Consumer Products Inc. (“Reynolds,” “RCP” or the “Company”), today reported results for the second quarter 2020 ended June 30, 2020.\n\n\n“The second quarter of 2020 continued to present unprecedented challenges for people everywhere and often in different ways,” said Lance Mitchell, President and Chief Executive Officer of Reynolds Consumer Products. “We recognize and thank essential front line workers, especially healthcare professionals who are aiding patients while learning the most effective treatments. Employees at our retail partners have also stepped up as front-line workers to continue to supply people with essential products on an ongoing basis. We are pleased to be able to support them and I am incredibly proud of how the entire team at Reynolds has come together as we emerged from this quarter a stronger and more agile company.”\n\n\n“Our second quarter results were strong given that we were able to safely meet much of the sharp increase in demand resulting from the pandemic. We moved to rapidly expand capacity for those products that continue to be in higher-than-planned demand, but fully staffing the existing and new capacity continues to be a challenge contributing to out of stocks across certain product categories. We implemented creative solutions and changed our priorities while leveraging the strong retail customer partnerships we have built over the years. By implementing rigorous safety protocols according to CDC guidelines for prevention, we were able to keep our operations running although not at full utilization rates. We are fortunate that the products produced at our facilities are considered essential in supporting people eating in their homes and keeping their homes sanitary.”\n\n\n“As we continue to manage the crisis and look towards creating our new future, we are learning and adapting the way we operate our business. We are adjusting to changes in technology, customer needs and habits, supply chains, and e-commerce while re-examining nearly every aspect of what we do. We believe we are well positioned for continued growth in 2020 and beyond in the categories in which we participate. We will continue to serve as category advisors to o...