{"id":175245,"date":"2023-05-10T13:31:00","date_gmt":"2023-05-10T13:31:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=175245"},"modified":"2023-05-10T13:31:00","modified_gmt":"2023-05-10T13:31:00","slug":"reynolds-q1-earnings-down-in-line-with-estimates-reiterates-full-year-earnings-guidance","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/economy\/reynolds-q1-earnings-down-in-line-with-estimates-reiterates-full-year-earnings-guidance\/","title":{"rendered":"Reynolds Q1 Earnings Down, In Line With Estimates; Reiterates Full-year Earnings Guidance"},"content":{"rendered":"
Reynolds Consumer Products Inc. (REYN) reported lower earnings for the first quarter of fiscal 2023. The earnings are in line with the Street estimates. However, revenue climbed by 3% underpinned by price increases.<\/p>\n
The company cited increases in material and manufacturing costs in the Reynolds Cooking & Baking business<\/span>, a rise in personnel costs, professional fees and advertising costs, as well as higher interest costs for the lower profit.<\/p>\n Earnings decreased to $17 million, or $0.08 earnings per share from $52 million, or $0.25 earnings per share for the same period of last year. <\/p>\n Adjusted earnings per share decreased to $0.08 per share from $0.26 per share for the same period of previous year.<\/p>\n 9 analysts polled by Thomson-Reuters expected the company to report earnings of $0.08 per share for the quarter. Consensus estimates typically exclude one-time items.<\/p>\n Revenue, however, increased to $852 million from $818 million for the same period of last year.<\/p>\n The company has declared a quarterly dividend of $0.23 per share. The dividend is payable on May 31 to shareholders of record on May 17.<\/p>\n Looking forward, for the second quarter, the company initiated its guidance. Earnings are expected to be between $57million – $64 million or $0.27 to $0.30 earnings per share. The Street estimate is $0.25 earnings per share. <\/p>\n The adjusted EBITDA is seen between $135 – $145 million and the company expects the net revenues to show a flat to 2% growth. The Street estimate for revenue is $932.69 million.<\/p>\n Looking forward to the full fiscal of 2023, the company reiterated its outlook. It expects the earnings to be in the range of $274 million – $296 million or $1.30 – $1.41 earnings per share. The Street estimate is $1.34 per share. <\/p>\n The adjusted EBITDA is still seen between $605 million – $635 million. The company expects the net revenues to show a flat to +\/- 1% growth. The Street estimate for revenue is $3.83 billion.<\/p>\n Tuesday, Reynolds shares closed at $27.37 on the Nasdaq. <\/p>\n