Q3 2024 Reynolds Consumer Products Inc Earnings Call Transcript
Key Points
- Reynolds Consumer Products Inc (REYN) reported a strong third quarter with revenue and earnings in line with expectations.
- The company is investing in new products and cost-saving opportunities to drive long-term growth.
- Reynolds Wrap gained additional market share, and Reynolds Kitchens Parchment continues to grow due to strong innovation and distribution gains.
- The Hefty Waste & Storage business unit achieved record quarterly revenue, with a majority share position in store-brand food bags.
- The company has successfully reduced net debt leverage to 2.3 times trailing 12 months adjusted EBITDA, enhancing financial flexibility.
- The tableware business experienced a decline in volume and earnings, primarily due to lower foam plate volume and increased promotional spending.
- Legislative changes and consumer shifts towards sustainable offerings have negatively impacted foam plate sales.
- Increased commodity prices, particularly aluminum and key resins, are expected to impact costs.
- The company anticipates continued headwinds from foam plate volumes due to legislative and consumption changes.
- There is uncertainty regarding the impact of potential tariffs on aluminum, which could affect the competitive environment.
Greetings and welcome to the Reynolds Consumer Products, Inc. third quarter 2024 earnings call. This time, all participants are in listen-only mode.
A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.
Now my pleasure to introduce your host, Mark Swartzberg, Vice President of Investor Relations. You, sir, you may begin.
Thank you, operator. Good morning and thank you for joining us are Reynolds Consumer Products' Third Quarter Earnings Conference Call. Please note that this call is being webcast on the Investor Relations section of our corporate site at Reynolds Consumer Products.com.
Our earnings press release and presentation slides are also available. We've been in the call today are Lance Mitchell, our President and Chief Executive Officer, Scott Perkins, our
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