By Exec Edge Editorial Staff
Reynolds Consumer Products Inc. (Nasdaq: REYN) said is second-quarter earnings rose 5% as the company implemented price increases to offset declines in volume.
The maker of Reynolds Wrap foil and Hefty trash bags said it expects 2022 net revenue growth in the range of 8% to 11%, driven by price increases and volume down mid single digits. The company expects adjusted Ebitda to be in the range of $560 million to $590 million.
“We narrowed the gap between pricing and cost increases in the second quarter and delivered earnings in line with our expectations in spite of slowing demand for foil,” said Lance Mitchell, President and Chief Executive Officer. “The Reynolds Cooking & Baking business unit’s second quarter earnings were down due to lower foil consumption and higher aluminum costs in inventory.”
Reynolds Consumer went public in January 2020.