Chicago, IL – Reynolds Consumer Products Inc. delivered its fourth quarter 2023 earnings findings on February 7, 2024, in an insightful conference call with company leaders, financial analysts, and investors. The call was an opportunity for the company to review its accomplishments in the previous year, address challenges, and outline its priorities for the upcoming year. The call was recorded and available for webcast on the company’s website. Key figures present on the call included Mark Swartzberg, the Vice President of Investor Relations, Lance Mitchell, the President and CEO, Scott Huckins, the Chief Financial Officer, and several notable conference call participants such as Robert Ottenstein, Lauren Lieberman, Mark Astrachan, Brian McNamara, and Andrea Teixeira.

Lance Mitchell, the President and CEO of Reynolds Consumer Products, opened the call by expressing pride in the accomplishments of the company in 2023. He highlighted the record profit, significant margin expansion, and strong cash flow in the fourth quarter. According to Mitchell, the company also saw strong share growth in key categories and exceeded its target of 20% of sales from products launched in the previous three years. However, he also acknowledged the economic pressures facing consumers that resulted in reduced spending in the company’s categories, leading to a 4% decline in volumes in 2023.

Mitchell emphasized the company’s focus on driving volume, expanding margins, and maintaining discipline on costs. He outlined the company’s plan to invest in impactful advertising, manage price, pack sizes, and promotions strategically, as well as continue to innovate with new sustainable solutions and other products to protect and grow market share.

Scott Huckins, the Chief Financial Officer, provided detailed insights into the company’s financial performance in 2023 and offered guidance for 2024. He addressed the company’s strategy for driving retail volume and earnings growth, optimizing the retail product mix, driving productivity, and unlocking additional cost savings to increase financial flexibility.

The company’s outlook for 2024 includes expectations for stable commodities, unchanged SG&A, estimated depreciation and amortization, and interest expenses, and an effective tax rate. Additionally, Reynolds plans to continue returning cash to shareholders by maintaining its current dividend and achieving leverage targets of 2 to 2.5 times adjusted EBITDA, while pursuing organic and inorganic growth opportunities.

Overall, the conference call provided valuable insights into Reynolds Consumer Products’ performance in 2023 and its strategic priorities for 2024. The company demonstrated a clear understanding of the market challenges and outlined a proactive approach to address them while maintaining a focus on growth and innovation.

Reynolds Consumer Products will be hosting an Investor Day in New York on March 19th, offering a further opportunity for stakeholders to gain a deeper understanding of the company’s strategy and vision.