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 Earnings Guide
Voluntary
Second Quarter 2023 Highlights
-
Net Revenues of
, up$940 million 3% over Q2 prior year Net Revenues -
Net Income of
vs.$66 million in Q2 2022, up$52 million 27% over Q2 prior year Net Income -
Adjusted EBITDA of
vs.$150 million in Q2 2022, up$118 million 27% over Q2 prior year Adjusted EBITDA -
Earnings Per Share of
vs.$0.32 in Q2 2022, up$0.25 28% over Q2 prior year Earnings Per Share
Adjusted Earnings Per Share of vs.$0.32 in Q2 2022, up$0.26 23% over Q2 prior year Adjusted Earnings Per Share -
Operating Cash Flow of
in first six months of 2023 vs.$207 million in first six months of 2022$101 million
Net revenues increased
“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 sustainable product solutions. We are forecasting strong earnings growth for the remainder of the year and have resumed paying down debt enabled by improved earnings, strong working capital management and continued capital investment discipline.”
Reynolds Cooking & Baking
-
Net revenues increased
, or$27 million 9% , to$321 million -
Adjusted EBITDA increased
, or$4 million 11% , to$40 million
Net revenues increased
The Reynolds Cooking & Baking recovery plan continues to be skillfully executed resulting in outstanding results. In the second quarter, we again achieved operational and gross margin objectives established at the start of the year driven by the implementation of extensive initiatives to stabilize and increase manufacturing consistency and reliability. Planned marketing promotional programs and advertising investments also produced growth better than expectations.
Volume increased
Non-retail sales of
Hefty Waste & Storage
-
Net revenues decreased
, or$9 million 4% , to$229 million -
Adjusted EBITDA increased
, or$16 million 35% , to$62 million
Net revenues decreased
Volume decreased
Waste bag and slider food bag share performance remained strong driven by innovation and increased investment in trade and advertising. In waste bags, the Hefty brand is holding share and the Company’s share of store brand waste bags also increased. In food bags, Hefty’s share of slider bags grew in the quarter driven by strong retail distribution gains of the new half-gallon freezer and storage bags.
Innovation highlights include further growth for Hefty Fabuloso® reflecting distribution and share gains for Hefty Fabuloso® Lavender and Hefty Fabuloso® Lemon, new Hefty Ultra Strong Waste Bags with
Hefty Tableware
-
Net revenues increased
, or$11 million 5% , to$251 million -
Adjusted EBITDA increased
, or$20 million 80% , to$45 million
Net revenues increased
Volume decreased
Hefty Tableware held brand share of disposable tableware while benefiting from consumer migration to store brands. The business’s focus on Hefty ECOSAVE™, Hefty Compostable Printed Paper and other sustainable solutions continued to yield positive results including a grant to The New Norm, a startup transforming party cups into sustainable yarns and fabrics.
Presto Products
-
Net revenues decreased
, or$5 million 3% , to$145 million -
Adjusted EBITDA increased
, or$3 million 12% , to$28 million
Net revenues decreased
Volume decreased
Presto holds a majority share of store brand press-to-close food bags and built share as store brands’ share of press-to-close food bags increased. New products including stand-and-fill food bags, which provide a point of differentiation versus store brands and branded alternatives, continued to contribute to share growth.
Year to Date 2023 Highlights
-
Net Revenues of
, up$1,814 million 3% over comparable prior year period net revenues -
Net Income of
vs.$83 million in the comparable prior year period$104 million -
Adjusted EBITDA of
vs.$232 million in the comparable prior year period$230 million -
Earnings Per Share of
vs.$0.40 in the comparable prior year period; Adjusted Earnings Per Share of$0.50 vs.$0.40 in the comparable prior year period$0.52
Net revenues increased
Balance Sheet and Cash Flow Highlights
At June 30, 2023, our cash and cash equivalents were
Capital expenditures were
Operating cash flow of
Fiscal Year and Third Quarter Outlook
The Company updates its earnings outlook for the full year and introduces its third quarter 2023 outlook as follows:
|
Prior Full Year 2023 Outlook |
Updated Full Year 2023 Outlook |
Net revenues |
Flat +/- |
Flat +/- |
Net income⁽¹⁾ |
|
|
Adjusted EBITDA |
|
|
Earnings per share⁽¹⁾ |
|
|
Net debt |
|
|
|
Q3 2023 Outlook |
Net revenues |
- |
Net income⁽¹⁾ |
|
Adjusted EBITDA |
|
Earnings per share⁽¹⁾ |
|
(1) |
The Company is not providing projected adjusted net income or adjusted earnings per share, as it does not anticipate using or presenting such non-GAAP metrics in these periods. |
Reynolds Cooking & Baking is performing well and is on track for earnings consistent with historical levels in the second half of 2023.
Commodity rates have been consistent with Company expectations since reporting first quarter 2023 results and are expected to remain stable over the balance of the year.
The Company expects a
The Company expects full-year net revenues to be in line with prior year net revenues, plus or minus
- Consolidated retail volume is estimated to be in line with prior year consolidated retail volume.
-
Consolidated non-retail sales are estimated to be down
by comparison to$60 million in the prior year.$268 million
“Our second quarter results exceeded our expectations driven by a better than expected top-line, operational and cost improvements in Reynolds Cooking & Baking and a continuation of restored profitability in our other three businesses,” said Chief Financial Officer, Michael Graham. “We reiterate expected net revenues guidance, increase full-year earnings expectations to reflect second quarter performance and issue guidance for continued margin expansion in the third quarter. We will continue to invest in advertising and proven promotional events while paying down debt driven by earnings growth, ongoing initiatives to reduce working capital and continued capital spending discipline.”
Quarterly Dividend
The Company’s Board of Directors has approved a quarterly dividend of
Earnings Webcast
The Company will host a live webcast this morning at 7:00 a.m. CT (8:00 a.m. ET). A link to the webcast and all related earnings materials will be available on the Company’s Investor Relations website at https://investors.reynoldsconsumerproducts.com.
About Reynolds Consumer Products Inc.
Reynolds Consumer Products is a leading provider of household products that simplify daily life so consumers can enjoy what matters most. With a presence in
Forward Looking Statements
This press release contains statements reflecting our views about our future performance that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including our third quarter and fiscal year 2023 guidance. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “intends,” “outlook,” “forecast”, “position”, “committed,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “model”, “assumes,” “confident,” “look forward,” “potential” “on track”, or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth and recovery of profitability, management of costs and other disruptions and other strategies, and anticipated trends in our business, including expected levels of commodity costs and volume. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q.
For additional information on these and other factors that could cause our actual results to materially differ from those set forth herein, please see our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent filings. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
REYN-F
Reynolds Consumer Products Inc. Consolidated Statements of Income (amounts in millions, except for per share data) |
||||||||||||||||
|
For the Three Months Ended |
|
For the Six Months Ended |
|||||||||||||
|
June 30, |
|
June 30, |
|||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||||
Net revenues |
$ |
922 |
|
|
$ |
896 |
|
|
$ |
1,774 |
|
|
$ |
1,714 |
|
|
Related party net revenues |
|
18 |
|
|
|
21 |
|
|
|
40 |
|
|
|
48 |
|
|
Total net revenues |
|
940 |
|
|
|
917 |
|
|
|
1,814 |
|
|
|
1,762 |
|
|
Cost of sales |
|
(712 |
) |
|
|
(733 |
) |
|
|
(1,430 |
) |
|
|
(1,410 |
) |
|
Gross profit |
|
228 |
|
|
|
184 |
|
|
|
384 |
|
|
|
352 |
|
|
Selling, general and administrative expenses |
|
(107 |
) |
|
|
(91 |
) |
|
|
(212 |
) |
|
|
(174 |
) |
|
Other expense, net |
|
(1 |
) |
|
|
(7 |
) |
|
|
(1 |
) |
|
|
(12 |
) |
|
Income from operations |
|
120 |
|
|
|
86 |
|
|
|
171 |
|
|
|
166 |
|
|
Interest expense, net |
|
(31 |
) |
|
|
(16 |
) |
|
|
(60 |
) |
|
|
(28 |
) |
|
Income before income taxes |
|
89 |
|
|
|
70 |
|
|
|
111 |
|
|
|
138 |
|
|
Income tax expense |
|
(23 |
) |
|
|
(18 |
) |
|
|
(28 |
) |
|
|
(34 |
) |
|
Net income |
$ |
66 |
|
|
$ |
52 |
|
|
$ |
83 |
|
|
$ |
104 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings per share: |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
0.32 |
|
|
$ |
0.25 |
|
|
$ |
0.40 |
|
|
$ |
0.50 |
|
|
Diluted |
$ |
0.32 |
|
|
$ |
0.25 |
|
|
$ |
0.40 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
210.0 |
|
|
|
209.9 |
|
|
|
210.0 |
|
|
|
209.8 |
|
|
Diluted |
|
210.0 |
|
|
|
209.9 |
|
|
|
210.0 |
|
|
|
209.9 |
|
|
Reynolds Consumer Products Inc. Consolidated Balance Sheets (amounts in millions, except for per share data) |
||||||
|
(Unaudited) |
|
|
|||
|
As of June 30, 2023 |
|
As of December 31, 2022 |
|||
Assets |
|
|
|
|||
Cash and cash equivalents |
$ |
83 |
|
$ |
38 |
|
Accounts receivable (net of allowance for doubtful accounts of |
|
386 |
|
|
348 |
|
Other receivables |
|
4 |
|
|
15 |
|
Related party receivables |
|
7 |
|
|
7 |
|
Inventories |
|
614 |
|
|
722 |
|
Other current assets |
|
52 |
|
|
41 |
|
Total current assets |
|
1,146 |
|
|
1,171 |
|
Property, plant and equipment (net of accumulated depreciation of |
|
716 |
|
|
722 |
|
Operating lease right-of-use assets, net |
|
59 |
|
|
65 |
|
Goodwill |
|
1,879 |
|
|
1,879 |
|
Intangible assets, net |
|
1,016 |
|
|
1,031 |
|
Other assets |
|
66 |
|
|
61 |
|
Total assets |
$ |
4,882 |
|
$ |
4,929 |
|
Liabilities |
|
|
|
|||
Accounts payable |
$ |
225 |
|
$ |
252 |
|
Related party payables |
|
34 |
|
|
46 |
|
Current portion of long-term debt |
|
25 |
|
|
25 |
|
Current operating lease liabilities |
|
15 |
|
|
14 |
|
Income taxes payable |
|
2 |
|
|
14 |
|
Accrued and other current liabilities |
|
164 |
|
|
145 |
|
Total current liabilities |
|
465 |
|
|
496 |
|
Long-term debt |
|
2,056 |
|
|
2,066 |
|
Long-term operating lease liabilities |
|
46 |
|
|
53 |
|
Deferred income taxes |
|
368 |
|
|
365 |
|
Long-term postretirement benefit obligation |
|
34 |
|
|
34 |
|
Other liabilities |
|
54 |
|
|
47 |
|
Total liabilities |
$ |
3,023 |
|
$ |
3,061 |
|
Stockholders’ equity |
|
|
|
|||
Common stock, |
|
— |
|
|
— |
|
Additional paid-in capital |
|
1,389 |
|
|
1,385 |
|
Accumulated other comprehensive income |
|
52 |
|
|
52 |
|
Retained earnings |
|
418 |
|
|
431 |
|
Total stockholders’ equity |
|
1,859 |
|
|
1,868 |
|
Total liabilities and stockholders’ equity |
$ |
4,882 |
|
$ |
4,929 |
|
Reynolds Consumer Products Inc. Consolidated Statements of Cash Flows (amounts in millions) |
||||||||
|
Six Months Ended June 30, |
|||||||
|
2023 |
|
2022 |
|||||
Cash provided by operating activities |
|
|
|
|||||
Net income |
$ |
83 |
|
|
$ |
104 |
|
|
Adjustments to reconcile net income to operating cash flows: |
|
|
|
|||||
Depreciation and amortization |
|
61 |
|
|
|
57 |
|
|
Deferred income taxes |
|
2 |
|
|
|
(3 |
) |
|
Stock compensation expense |
|
6 |
|
|
|
4 |
|
|
Change in assets and liabilities: |
|
|
|
|||||
Accounts receivable, net |
|
(38 |
) |
|
|
57 |
|
|
Other receivables |
|
11 |
|
|
|
4 |
|
|
Related party receivables |
|
— |
|
|
|
3 |
|
|
Inventories |
|
108 |
|
|
|
(151 |
) |
|
Accounts payable |
|
(15 |
) |
|
|
22 |
|
|
Related party payables |
|
(12 |
) |
|
|
8 |
|
|
Income taxes payable / receivable |
|
(11 |
) |
|
|
(2 |
) |
|
Accrued and other current liabilities |
|
19 |
|
|
|
12 |
|
|
Other assets and liabilities |
|
(7 |
) |
|
|
(14 |
) |
|
Net cash provided by operating activities |
|
207 |
|
|
|
101 |
|
|
Cash used in investing activities |
|
|
|
|||||
Acquisition of property, plant and equipment |
|
(51 |
) |
|
|
(56 |
) |
|
Net cash used in investing activities |
|
(51 |
) |
|
|
(56 |
) |
|
Cash used in financing activities |
|
|
|
|||||
Repayment of long-term debt |
|
(12 |
) |
|
|
(12 |
) |
|
Dividends paid |
|
(96 |
) |
|
|
(96 |
) |
|
Other financing activities |
|
(3 |
) |
|
|
— |
|
|
Net cash used in financing activities |
|
(111 |
) |
|
|
(108 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
45 |
|
|
|
(63 |
) |
|
Cash and cash equivalents at beginning of period |
|
38 |
|
|
|
164 |
|
|
Cash and cash equivalents at end of period |
$ |
83 |
|
|
$ |
101 |
|
|
|
|
|
|
|||||
Cash paid: |
|
|
|
|||||
Interest |
|
58 |
|
|
|
24 |
|
|
Income taxes |
|
36 |
|
|
|
37 |
|
|
Reynolds Consumer Products Inc. Segment Results (amounts in millions) |
|||||||||||||||||||
|
Reynolds Cooking & Baking |
|
Hefty Waste & Storage |
|
Hefty Tableware |
|
Presto Products |
|
Unallocated(1) |
|
Total |
||||||||
Revenues |
|
||||||||||||||||||
Three Months Ended June 30, 2023 |
$ |
321 |
|
$ |
229 |
|
$ |
251 |
|
$ |
145 |
|
$ |
(6 |
) |
|
$ |
940 |
|
Three Months Ended June 30, 2022 |
|
294 |
|
|
238 |
|
|
240 |
|
|
150 |
|
|
(5 |
) |
|
|
917 |
|
Six Months Ended June 30, 2023 |
|
604 |
|
|
463 |
|
|
475 |
|
|
288 |
|
|
(16 |
) |
|
|
1,814 |
|
Six Months Ended June 30, 2022 |
|
562 |
|
|
466 |
|
|
450 |
|
|
292 |
|
|
(8 |
) |
|
|
1,762 |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Three Months Ended June 30, 2023 |
$ |
40 |
|
$ |
62 |
|
$ |
45 |
|
$ |
28 |
|
$ |
(25 |
) |
|
$ |
150 |
|
Three Months Ended June 30, 2022 |
|
36 |
|
|
46 |
|
|
25 |
|
|
25 |
|
|
(14 |
) |
|
|
118 |
|
Six Months Ended June 30, 2023 |
|
43 |
|
|
117 |
|
|
76 |
|
|
47 |
|
|
(51 |
) |
|
|
232 |
|
Six Months Ended June 30, 2022 |
|
64 |
|
|
91 |
|
|
48 |
|
|
44 |
|
|
(17 |
) |
|
|
230 |
(1) |
The unallocated net revenues include elimination of inter-segment revenues and other revenue adjustments. The unallocated Adjusted EBITDA represents the combination of corporate expenses which are not allocated to our segments and other unallocated revenue adjustments. |
|
Components of Change in Net Revenues for the Three Months Ended June 30, 2023 vs. the Three Months Ended June 30, 2022 |
||||||||||||
|
Price |
|
Volume/Mix |
|
Total |
|
||||||
Reynolds Cooking & Baking |
(3 |
) |
% |
12 |
|
% |
9 |
|
% |
|||
Hefty Waste & Storage |
4 |
|
% |
(8 |
) |
% |
(4 |
) |
% |
|||
Hefty Tableware |
12 |
|
% |
(7 |
) |
% |
5 |
|
% |
|||
Presto Products |
— |
|
% |
(3 |
) |
% |
(3 |
) |
% |
|||
Total RCP |
3 |
|
% |
— |
|
% |
3 |
|
% |
|||
Components of Change in Net Revenues for the Six Months Ended June 30, 2023 vs. the Six Months Ended June 30, 2022 |
|||||||||||
|
Price |
|
Volume/Mix |
|
Total |
|
|||||
Reynolds Cooking & Baking |
— |
% |
7 |
|
% |
7 |
|
% |
|||
Hefty Waste & Storage |
5 |
% |
(6 |
) |
% |
(1 |
) |
% |
|||
Hefty Tableware |
13 |
% |
(7 |
) |
% |
6 |
|
% |
|||
Presto Products |
— |
% |
(1 |
) |
% |
(1 |
) |
% |
|||
Total RCP |
4 |
% |
(1 |
) |
% |
3 |
|
% |
Use of Non-GAAP Financial Measures
We use non-GAAP financial measures “Adjusted EBITDA,” “Adjusted Net Income,” “Adjusted Earnings Per Share,” and “Net Debt” in evaluating our past results and future prospects. We define Adjusted EBITDA as net income calculated in accordance with GAAP, plus the sum of income tax expense, net interest expense, depreciation and amortization and further adjusted to exclude IPO and separation-related costs. We define Adjusted Net Income and Adjusted Earnings Per Share (“Adjusted EPS”) as Net Income and Earnings Per Share (“EPS”) calculated in accordance with GAAP, plus IPO and separation-related costs. We define Net Debt as the current portion of long-term debt plus long-term debt less cash and cash equivalents.
We present Adjusted EBITDA because it is a key measure used by our management team to evaluate our operating performance, generate future operating plans and make strategic decisions. In addition, our chief operating decision maker uses Adjusted EBITDA of each reportable segment to evaluate the operating performance of such segments. We use Adjusted Net Income and Adjusted Earnings Per Share as supplemental measures to evaluate our business’ performance in a way that also considers our ability to generate profit without the impact of certain items. We use Net Debt as we believe it is a more representative measure of our liquidity. Accordingly, we believe presenting these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors.
Non-GAAP information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be the same as or comparable to similar non-GAAP financial measures presented by other companies.
Guidance for fiscal year and third quarter 2023, where adjusted, is provided on a non-GAAP basis. The Company cannot reconcile its expected Net Debt at December 31, 2023 to expected total debt without reasonable effort because certain items that impact total debt and other reconciling measures are out of the Company’s control and/or cannot be reasonably predicted at this time, to which unavailable information could have a significant impact on the Company’s GAAP financial results.
Please see reconciliations of Non-GAAP measures used in this release (with the exception of our December 31, 2023 Net Debt outlook, as described above) to the most directly comparable GAAP measures, beginning on the following page.
Reynolds Consumer Products Inc. Reconciliation of Net Income to Adjusted EBITDA (amounts in millions) |
||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
|
(in millions) |
|
(in millions) |
|||||||||
Net income – GAAP |
$ |
66 |
|
$ |
52 |
|
$ |
83 |
|
$ |
104 |
|
Income tax expense |
|
23 |
|
|
18 |
|
|
28 |
|
|
34 |
|
Interest expense, net |
|
31 |
|
|
16 |
|
|
60 |
|
|
28 |
|
Depreciation and amortization |
|
30 |
|
|
29 |
|
|
61 |
|
|
57 |
|
IPO and separation-related costs (1) |
|
— |
|
|
3 |
|
|
— |
|
|
7 |
|
Adjusted EBITDA (Non-GAAP) |
$ |
150 |
|
$ |
118 |
|
$ |
232 |
|
$ |
230 |
(1) |
Reflects costs related to the IPO process, as well as costs related to our separation to operate as a stand-alone public company. These costs are included in Other expense, net in our consolidated statements of income. |
|
Reynolds Consumer Products Inc. Reconciliation of Net Income and EPS to Adjusted Net Income and Adjusted EPS (amounts in millions, except per share data) |
||||||||||||||||||
|
Three Months Ended June 30, 2023 |
|
Three Months Ended June 30, 2022 |
|||||||||||||||
(in millions, except for per share data) |
Net Income |
|
Diluted Shares |
|
Diluted EPS |
|
Net Income |
|
Diluted Shares |
|
Diluted EPS |
|||||||
As Reported - GAAP |
$ |
66 |
|
$ |
210 |
|
$ |
0.32 |
|
$ |
52 |
|
$ |
210 |
|
$ |
0.25 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
IPO and separation-related costs (1) |
|
— |
|
|
210 |
|
|
— |
|
|
2 |
|
|
210 |
|
|
0.01 |
|
Adjusted (Non-GAAP) |
$ |
66 |
|
$ |
210 |
|
$ |
0.32 |
|
$ |
54 |
|
$ |
210 |
|
$ |
0.26 |
(1) |
Amounts are after tax, calculated using a tax rate of |
|
Six Months Ended June 30, 2023 |
|
Six Months Ended June 30, 2022 |
||||||||||||||
(in millions, except for per share data) |
Net Income |
|
Diluted Shares |
|
Diluted EPS |
|
Net Income |
|
Diluted Shares |
|
Diluted EPS |
||||||
As Reported - GAAP |
$ |
83 |
|
$ |
210 |
|
$ |
0.40 |
|
$ |
104 |
|
210 |
|
$ |
0.50 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||
IPO and separation-related costs (1) |
|
— |
|
|
210 |
|
|
— |
|
|
5 |
|
210 |
|
|
0.02 |
|
Adjusted (Non-GAAP) |
$ |
83 |
|
$ |
210 |
|
$ |
0.40 |
|
$ |
109 |
|
210 |
|
$ |
0.52 |
(1) |
Amounts are after tax, calculated using a tax rate of |
|
Reynolds Consumer Products Inc. Reconciliation of Net Debt to Total Debt (amounts in millions) |
||||
|
As of June 30, 2023 |
|||
Current portion of long-term debt |
$ |
25 |
|
|
Long-term debt |
|
2,056 |
|
|
Total debt |
|
2,081 |
|
|
Cash and cash equivalents |
|
(83 |
) |
|
Net debt (non-GAAP) |
$ |
1,998 |
|
|
Reynolds Consumer Products Inc. Reconciliation of Q3 2023 and FY2023 Net Income Guidance to Adjusted EBITDA Guidance (amounts in millions) |
||||||||||||
|
Three Months Ended September 30, 2023 |
|
Year Ended December 31, 2023 |
|||||||||
|
Low |
|
High |
|
Low |
|
High |
|||||
Net income (GAAP) |
$ |
71 |
|
$ |
79 |
|
$ |
281 |
|
$ |
296 |
|
Income tax expense |
|
24 |
|
|
26 |
|
|
94 |
|
|
99 |
|
Interest expense, net |
|
31 |
|
|
31 |
|
|
120 |
|
|
120 |
|
Depreciation and amortization |
|
29 |
|
|
29 |
|
|
120 |
|
|
120 |
|
Adjusted EBITDA |
$ |
155 |
|
$ |
165 |
|
$ |
615 |
|
$ |
635 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809383014/en/
Investor Contact
Mark Swartzberg
Mark.Swartzberg@reynoldsbrands.com
(847) 482-4081
Source: Reynolds Consumer Products Inc.