Reynolds Consumer Products Reports Higher Earnings in Q3


Reynolds Consumer Products, a leading producer of cooking, waste, storage, and tableware products based in Lake Forest, Illinois, has announced higher earnings for the third quarter. Despite a decline in revenue, the company managed to decrease operational costs, contributing to the positive financial results.

Strong Profit Numbers

Reynolds reported a profit of $78 million, equivalent to 37 cents per share, during the third quarter. This marks a significant increase compared to the profit of $48 million, or 23 cents per share, achieved during the same period last year.

Adjusted Earnings in Line with Estimates

After excluding one-time items, the company’s adjusted earnings also stood at 37 cents per share. This figure is consistent with the consensus estimate provided by analysts surveyed by FactSet.

Revenue Performance

Although revenue dropped from $967 million to $935 million compared to the year-ago quarter, it still exceeded analyst projections. FactSet reported analyst estimates for revenue at $932.4 million.

Factors Driving Higher Profit

Reynolds attributes its higher bottom line to a combination of price increases and reduced operational costs. These positives offset increased overhead costs, interest expenses, and income taxes. It should be noted that volumes were lower in the cooking and baking segment, hefty tableware unit, and Presto Products business.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Charles River Laboratories Reports Increase in Sales despite Softening Customer Spending

Next Post

Array Technologies Stock Faces Challenges in Solar Energy Industry

Related Posts