Accelerating Margins and Updating Earnings
Estimates
Generating Strong Cash Flow and Improving
Leverage
Gaining Product Category Share
Reynolds Consumer Products Inc. (the “Company”) (Nasdaq: REYN)
today reported financial results for the third quarter ended
September 30, 2023.
Third Quarter 2023 Highlights
- Net Revenues of $935 million, vs. $967 million in Q3
2022, down 3%
- Net Income of $78 million vs. $48 million in Q3 2022, up
63%, and $268 million for the trailing twelve months ended
September 30, 2023
- Adjusted EBITDA of $165 million vs. $116 million in Q3
2022, up 42%, and $598 million for the trailing twelve months ended
September 30, 2023
- Earnings Per Share of $0.37 vs. $0.23 in Q3 2022, up 61%
Adjusted Earnings Per Share of $0.37 vs. $0.24 in Q3 2022,
up 54%
- Operating Cash Flow of $423 million in first nine months
of 2023 vs. $118 million in first nine months of 2022
Net Income and Adjusted EBITDA increased 63% and 42%,
respectively, over the prior year, driven by previously implemented
pricing actions and lower operational costs, partially offset by
higher SG&A. Net income was impacted by higher interest and
income tax expense.
Operating cash flow of $423 million in the first nine months of
2023 represented a $305 million increase by comparison to operating
cash flow for the same period in the prior year. Net debt to
trailing twelve months Adjusted EBITDA improved from 3.8x on
December 31, 2022 to 3.1x on September 30, 2023. Subsequent to
quarter end, the Company made an additional $100 million voluntary
payment on its term loan facility.
“RCP continues to perform very effectively in a dynamic
operating environment, and I am extremely proud of all that our
team has accomplished,” said Lance Mitchell, President and Chief
Executive Officer. “We accelerated margin expansion and delivered
earnings at the upper end of our guide driven by market share
gains, continued execution of the Reynolds Cooking & Baking
recovery plan and significant improvements in profitability of our
other businesses. We are converting more of our earnings to cash
through ongoing initiatives to reduce working capital and continued
capital spending discipline. As a result, we anticipate 2023
earnings at the high end of our previous range and expect to return
to leverage below three times Adjusted EBITDA by year end.”
On November 6, 2023, the Company acquired the privately held
Atacama Manufacturing. Atacama Manufacturing is an innovation
driven company that designs, formulates, manufactures and
commercializes products that include recycled or renewable,
plant-based materials. The Company is pleased to add significant
materials development expertise and innovation capabilities as we
pursue future growth in sustainable products.
Reynolds Cooking & Baking
- Net revenues decreased $15 million, or 5%, to $312 million
- Adjusted EBITDA increased $18 million, or 55%, to $51
million
Adjusted EBITDA increased 55% reflecting continuation of the
Reynolds Cooking & Baking recovery and lower operational costs,
partially offset by lower pricing and higher advertising costs.
Implementation of the Reynolds Cooking & Baking recovery
plan continues to progress exceptionally well. In the third
quarter, the Company again achieved volume, operational and gross
profit objectives established at the start of the year driven by
commercial initiatives and execution of comprehensive plans to
strengthen manufacturing consistency and reliability.
Volume was down 3% for the quarter. The 1% increase in retail
volume in the third quarter was more than offset by volume declines
in our non-retail sales. Retail volume was driven by advertising,
innovation, significant market share gains and a strong consumer
response to summer holiday promotions. Third quarter highlights
include continued share gains for Reynolds Wrap®, national roll out
of Reynolds Kitchens® Stay Flat Parchment Paper with SmartGrid® and
further distribution gains for Reynolds Kitchens® Air Fryer
liners.
Hefty Waste & Storage
- Net revenues increased $7 million, or 3%, to $244 million
- Adjusted EBITDA increased $27 million, or 61%, to $71
million
Adjusted EBITDA increased 61% as a result of previously
implemented pricing actions and lower operational costs.
Volume increased 1% as Hefty gained additional share of waste
bags in the quarter driven by strong innovation. Hefty Fabuloso®
Lavender and Lemon gained additional distribution, resulting in
$150 million in Hefty Fabuloso® retail sales over the last twelve
months and recognition by Circana (previously known as IRI) with a
top-three 2023 Pacesetter award.
Hefty launched a new product entry in the food bag segment with
a press-to-close bag available in multiple sizes.
Hefty Tableware
- Net revenues decreased $18 million, or 7%, to $233 million
- Adjusted EBITDA increased $17 million, or 71%, to $41
million
Adjusted EBITDA increased 71% driven by previously implemented
pricing actions and lower operational costs, partially offset by
higher advertising costs.
Volume decreased 11%, in line with the category, in response to
significant retail price increases over the last three years and
consumers’ emphasis on affordability. Hefty maintained category
share, benefiting from planned increases in promotion and
advertising.
Hefty® Zoo Pals™ plates were reintroduced resulting in
widespread media coverage including over 3 billion social media
impressions following the online only relaunch.
Presto Products
- Net revenues decreased $3 million, or 2%, to $152 million
- Adjusted EBITDA increased $8 million, or 35%, to $31
million
Adjusted EBITDA increased 35% reflecting lower operational
costs.
Volume decreased 3% driven by SKU rationalization and lower
specialty product demand. Presto continued to increase share of
store brand press-to-close food bags in the quarter. Innovation
highlights include the recent launch of renewable sandwich bags
made with sustainable resin based technology blended with plant and
ocean materials. These Bio-Based bags are made with 20% plant and
ocean materials using a proprietary blended technology that employs
a reduced amount of traditional plastic by comparison to standard
food bags.
Year to Date 2023 Highlights
- Net Revenues of $2,750 million, up 1% over comparable
prior year period
- Net Income of $161 million vs. $152 million in the
comparable prior year period
- Adjusted EBITDA of $398 million vs. $346 million in the
comparable prior year period
- Earnings Per Share of $0.77 vs. $0.72 in the comparable
prior year period; Adjusted Earnings Per Share of $0.77 vs.
$0.76 in the comparable prior year period
Net income increased 6% and Adjusted EBITDA increased 15% driven
by previously implemented pricing actions and lower operational
costs partially offset by higher SG&A. Net income was impacted
by higher interest and income tax expense.
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents were $124 million at September
30,2023, and outstanding debt was $1,981 million resulting in net
debt of $1,857 million. This compares to cash and cash equivalents
of $38 million, and outstanding debt of $2,091 million at December
31, 2022.
During the third quarter of 2023, the Company made a voluntary
principal payment of $100 million on its term loan facility.
Subsequent to September 30, 2023, the Company made an additional
voluntary principal payment of $100 million on its term loan
facility.
Capital expenditures were $77 million for the nine months ended
September 30, 2023 compared to $86 million in the prior year.
Operating cash flow of $423 million in the nine months ended
September 30, 2023 represents a $305 million increase by comparison
to operating cash flow for the same period in the prior year
primarily driven by improved earnings and the benefit of working
capital reduction initiatives.
Fiscal Year and Fourth Quarter Outlook
The Company expects the following results for its fiscal year
and fourth quarter ending December 31, 2023:
Prior
Full Year 2023 Outlook
Updated
Full Year 2023 Outlook
Net revenues
+/-1%
-2%
Net income⁽¹⁾
$281 to $296 million
$288 to $296 million
Adjusted EBITDA
$615 to $635 million
$625 to $635 million
Earnings per share⁽¹⁾
$1.34 to $1.41
$1.37 to $1.41
Net debt
$1.8 to $1.9 billion
$1.8 billion
Q4 2023
Outlook
Net revenues
-9% to -7%
Net income⁽¹⁾
$127 million to $135 million
Adjusted EBITDA
$227 to $237 million
Earnings per share⁽¹⁾
$0.60 to $0.64
(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.
Commodity costs remain broadly consistent with Company
expectations when it reported second quarter 2023 results.
The Company expects fourth quarter net revenues to be
approximately 7% to 9% lower than prior year net revenues of $1,089
million, consisting of 2% lower pricing and 5% to 7% lower
volume.
- Consolidated retail volume is estimated to be down 2% to 4%,
consisting of stable to growing volume in the Company’s three
largest categories (aluminum foil, waste bags and food bags) and
lower disposable tableware volume driven by category
elasticity.
- Hefty is holding share in relevant disposable tableware
segments and is stimulating consumer demand through a series of
measures including increases in planned advertising, adjustments to
planned promotions and smaller pack sizes.
- Consolidated non-retail sales are estimated to be down $40
million by comparison to $75 million in the prior year.
The Company expects full-year net revenues to be approximately
2% lower than prior year net revenues of $3,817 million, consisting
of 2% higher pricing and 4% lower volume.
- Consolidated retail volume is estimated to be down 2% from
consolidated retail volume in the prior year.
- Consolidated non-retail sales are estimated to be down $70
million by comparison to $268 million in the prior year.
“I am pleased to welcome Scott Huckins to the RCP team and look
forward to partnering with him as he becomes our next Chief
Financial Officer, effective November 13, 2023, and through my
retirement early next year,” said Michael Graham, Chief Financial
Officer. “Scott enters RCP at a great moment in the history of our
company. Our balance sheet is strong, our earnings and cash flow
are growing and we have significant opportunities for additional
growth.”
Quarterly Dividend
The Company’s Board of Directors has approved a quarterly
dividend of $0.23 per common share. The Company expects to pay this
dividend on November 30, 2023, to shareholders of record as of
November 16, 2023.
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 95% of households across the
United States, Reynolds Consumer Products manufactures and sells
products that people use in their homes across three broad
categories: cooking, waste and storage, and disposable tableware.
Iconic brands include Reynolds Wrap® aluminum foil and Hefty®
tableware and trash bags, in addition to dedicated store brands
which are strategically important to retail customers. Overall,
Reynolds Consumer Products holds the No. 1 or No. 2 U.S. market
share position in the majority of product categories it serves. For
more information, visit
https://investors.reynoldsconsumerproducts.com.
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 fourth 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 Nine Months
Ended
September 30,
September 30,
2023
2022
2023
2022
Net revenues
$
914
$
938
$
2,689
$
2,652
Related party net revenues
21
29
61
77
Total net revenues
935
967
2,750
2,729
Cost of sales
(686
)
(789
)
(2,117
)
(2,199
)
Gross profit
249
178
633
530
Selling, general and administrative
expenses
(115
)
(90
)
(327
)
(264
)
Other income (expense), net
—
(5
)
—
(17
)
Income from operations
134
83
306
249
Interest expense, net
(31
)
(20
)
(91
)
(48
)
Income before income taxes
103
63
215
201
Income tax expense
(25
)
(15
)
(54
)
(49
)
Net income
$
78
$
48
$
161
$
152
Earnings per share:
Basic
$
0.37
$
0.23
$
0.77
$
0.72
Diluted
$
0.37
$
0.23
$
0.77
$
0.72
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 September 30,
2023
As of December 31,
2022
Assets
Cash and cash equivalents
$
124
$
38
Accounts receivable (net of allowance for
doubtful accounts of $1 and $1)
345
348
Other receivables
4
15
Related party receivables
9
7
Inventories
576
722
Other current assets
48
41
Total current assets
1,106
1,171
Property, plant and equipment (net of
accumulated depreciation of $878 and $821)
719
722
Operating lease right-of-use assets,
net
57
65
Goodwill
1,879
1,879
Intangible assets, net
1,009
1,031
Other assets
68
61
Total assets
$
4,838
$
4,929
Liabilities
Accounts payable
$
237
$
252
Related party payables
30
46
Current portion of long-term debt
—
25
Current operating lease liabilities
16
14
Income taxes payable
1
14
Accrued and other current liabilities
183
145
Total current liabilities
467
496
Long-term debt
1,981
2,066
Long-term operating lease liabilities
44
53
Deferred income taxes
364
365
Long-term postretirement benefit
obligation
34
34
Other liabilities
56
47
Total liabilities
$
2,946
$
3,061
Stockholders’ equity
Common stock, $0.001 par value; 2,000
shares authorized; 210 shares issued and
outstanding
—
—
Additional paid-in capital
1,392
1,385
Accumulated other comprehensive income
52
52
Retained earnings
448
431
Total stockholders’ equity
1,892
1,868
Total liabilities and stockholders’
equity
$
4,838
$
4,929
Reynolds Consumer Products
Inc.
Consolidated Statements of
Cash Flows
(amounts in millions)
Nine Months Ended
September 30,
2023
2022
Cash provided by operating
activities
Net income
$
161
$
152
Adjustments to reconcile net income to
operating cash flows:
Depreciation and amortization
92
87
Deferred income taxes
(3
)
(1
)
Stock compensation expense
10
4
Change in assets and liabilities:
Accounts receivable, net
3
27
Other receivables
11
—
Related party receivables
(2
)
—
Inventories
146
(213
)
Accounts payable
(5
)
40
Related party payables
(16
)
6
Income taxes payable / receivable
(11
)
—
Accrued and other current liabilities
39
23
Other assets and liabilities
(2
)
(7
)
Net cash provided by operating
activities
423
118
Cash used in investing
activities
Acquisition of property, plant and
equipment
(77
)
(86
)
Net cash used in investing
activities
(77
)
(86
)
Cash used in financing
activities
Repayment of long-term debt
(113
)
(19
)
Dividends paid
(144
)
(144
)
Other financing activities
(3
)
—
Net cash used in financing
activities
(260
)
(163
)
Net increase (decrease) in cash and cash
equivalents
86
(131
)
Cash and cash equivalents at beginning of
period
38
164
Cash and cash equivalents at end of
period
$
124
$
33
Cash paid:
Interest
86
42
Income taxes
65
49
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 September 30, 2023
$
312
$
244
$
233
$
152
$
(6
)
$
935
Three Months Ended September 30, 2022
327
237
251
155
(3
)
967
Nine Months Ended September 30, 2023
916
705
708
441
(20
)
2,750
Nine Months Ended September 30, 2022
889
704
701
447
(12
)
2,729
Adjusted EBITDA
Three Months Ended September 30, 2023
$
51
$
71
$
41
$
31
$
(29
)
$
165
Three Months Ended September 30, 2022
33
44
24
23
(8
)
116
Nine Months Ended September 30, 2023
94
188
117
78
(79
)
398
Nine Months Ended September 30, 2022
97
135
72
67
(25
)
346
(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 September 30, 2023 vs. the
Three Months Ended September 30, 2022
Price
Volume/Mix
Total
Reynolds Cooking & Baking
(2
)
%
(3
)
%
(5
)
%
Hefty Waste & Storage
2
%
1
%
3
%
Hefty Tableware
4
%
(11
)
%
(7
)
%
Presto Products
1
%
(3
)
%
(2
)
%
Total RCP
1
%
(4
)
%
(3
)
%
Components of Change in Net
Revenues for the Nine Months Ended September 30, 2023 vs. the Nine
Months Ended September 30, 2022
Price
Volume/Mix
Total
Reynolds Cooking & Baking
(1
)
%
4
%
3
%
Hefty Waste & Storage
3
%
(3
)
%
—
%
Hefty Tableware
9
%
(8
)
%
1
%
Presto Products
1
%
(2
)
%
(1
)
%
Total RCP
3
%
(2
)
%
1
%
Use of Non-GAAP Financial Measures
We use non-GAAP financial measures “Adjusted EBITDA,” “Adjusted
Net Income,” “Adjusted Earnings Per Share,” “Net Debt,” and “Net
debt to trailing twelve months Adjusted EBITDA” 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,
as well as other non-recurring 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, as well as other non-recurring
costs. We define Net Debt as the current portion of long-term debt
plus long-term debt less cash and cash equivalents. We define Net
Debt to Trailing Twelve Months Adjusted EBITDA as Net Debt (as
defined above) as of the end of the period to Adjusted EBITDA (as
defined above).
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. We
use Net Debt to Trailing Twelve Months Adjusted EBITDA because it
reflects our ability to service our debt obligations. 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 fourth 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, or expected ratios involving Net 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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in millions)
(in millions)
Net income – GAAP
$
78
$
48
$
161
$
152
Income tax expense
25
15
54
49
Interest expense, net
31
20
91
48
Depreciation and amortization
31
30
92
87
IPO and separation-related costs (1)
—
3
—
10
Adjusted EBITDA (Non-GAAP)
$
165
$
116
$
398
$
346
(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 September
30, 2023
Three Months Ended September
30, 2022
(in millions, except for per share
data)
Net Income
Diluted Shares
Diluted EPS
Net Income
Diluted Shares
Diluted EPS
As Reported - GAAP
$
78
210
$
0.37
$
48
210
$
0.23
Adjustments:
IPO and separation-related costs (1)
—
210
—
2
210
0.01
Adjusted (Non-GAAP)
$
78
210
$
0.37
$
50
210
$
0.24
(1)
Amounts are after tax, calculated using a
tax rate of 24.0% for the three months ended September 30, 2022,
which is our effective tax rate for the period presented.
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
(in millions, except for per share
data)
Net Income
Diluted Shares
Diluted EPS
Net Income
Diluted Shares
Diluted EPS
As Reported - GAAP
$
161
210
$
0.77
$
152
210
$
0.72
Adjustments:
IPO and separation-related costs (1)
—
210
—
8
210
0.04
Adjusted (Non-GAAP)
$
161
210
$
0.77
$
160
210
$
0.76
(1)
Amounts are after tax, calculated using a
tax rate of 24.5% for the nine months ended September 30, 2022,
which is our effective tax rate for the period presented.
Reynolds Consumer Products
Inc.
Reconciliation of Net Income
to Trailing Twelve Months Adjusted EBITDA
(amounts in millions)
Twelve Months Ended September
30, 2023
Twelve Months Ended December
31, 2022
(in millions)
Net income – GAAP
$
268
$
258
Income tax expense
84
80
Interest expense, net
119
76
Depreciation and amortization
122
117
IPO and separation-related costs (1)
3
12
Other
2
3
Adjusted EBITDA (Non-GAAP)
$
598
$
546
(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 Total Debt
to Net Debt and Calculation of Net Debt to Trailing Twelve Months
Adjusted EBITDA
(amounts in millions, except for
Net Debt to Trailing Twelve Months Adjusted EBITDA)
As of September 30, 2023
Current portion of long-term debt
$
—
Long-term debt
1,981
Total debt
1,981
Cash and cash equivalents
(124
)
Net debt (Non-GAAP)
$
1,857
For the twelve months ended September
30, 2023
Adjusted EBITDA (Non-GAAP)
$
598
Net Debt to Trailing Twelve Months
Adjusted EBITDA
3.1x
As of December 31, 2022
Current portion of long-term debt
$
25
Long-term debt
2,066
Total debt
2,091
Cash and cash equivalents
(38
)
Net debt (Non-GAAP)
$
2,053
For the twelve months ended December
31, 2022
Adjusted EBITDA (Non-GAAP)
$
546
Net Debt to Trailing Twelve Months
Adjusted EBITDA
3.8x
Reynolds Consumer Products
Inc.
Reconciliation of Q3 2023 and
FY2023 Net Income Guidance to Adjusted EBITDA Guidance
(amounts in millions)
Three Months Ended December
31, 2023
Year Ended December 31,
2023
Low
High
Low
High
Net income (GAAP)
$
127
$
135
$
288
$
296
Income tax expense
43
45
97
99
Interest expense, net
28
28
119
119
Depreciation and amortization
29
29
121
121
Adjusted EBITDA
$
227
$
237
$
625
$
635
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108204784/en/
Investor Contact Mark Swartzberg
Mark.Swartzberg@reynoldsbrands.com (847) 482-4081
Reynolds Consumer Products (NASDAQ:REYN)
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