The following is a summary of the Reynolds Consumer Products Inc. (REYN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Reynolds reported Q1 2024 retail revenues of $794 million, meeting the high-end expectations.

• EBITDA increased by $40 million to $122 million, showing significant earnings growth in three out of four businesses.

• Earnings per share stood at $0.23, a noticeable increase from $0.08 per share during the same period in the previous year.

• The company predicts its Q2 adjusted EBITDA to range between $160 million and $170 million, demonstrating a $10-20 million increase from the previous year.

• The company's EPS is forecast to range from $0.42 - $0.46, an increase from $0.32 in the year-ago period, partly driven by a forecasted tax benefit.

• Reynolds is on track to be within the targeted leverage range of 2-2.5 times adjusted EBITDA by year-end.

• Cash flow is expected to exceed $300 million this year.

Business Progress:

• Reynolds has maintained a strong innovation drive with a focus on sustainable alternatives across product categories.

• Significant improvements have been reported in both their brand and store brand execution strategy.

• In 2024, it envisions delivering double-digit earnings growth, driving productivity, and maintaining disciplined cost management.

• They plan to offer sustainable solutions across all product lines by 2025.

• More product launches are anticipated in 2024 than any other year since RCP and Presto's merger.

• Notable share gains were noticed across product categories, particularly in household foil, parchment paper, and waste bags.

• Reynolds stresses a focus on enhancing its product portfolio through capital investments in automation to foster organic growth and cost-saving.

• Plans for targeted acquisitions fitting their marketplace position and competencies are underway.

• The company started the year 2024 on a strong note, backed by effective operational executions and financial discipline. Plans are in place to address ongoing consumer pressures while achieving financial goals.

More details: Reynolds Consumer Products IR

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