Reynolds Consumer Products’s share of pre-conference trading rose 3.4% as the company announced quarterly results that exceeded expectations.
Net income was $ 105 million, or 50 cents a share, down from $ 112 million, or 53 cents a year, a year earlier.
Adjusted earnings per share of 51 cents were higher than estimates for 49 cents.
Revenue of $ 1.02 billion increased from $ 888 million and was in line with convergent estimates.
Revenue hit a record high for the year, according to CEO Lance Mitchell.
“We expect for the third consecutive year record revenues this year and a return to profit growth in the second quarter,” he said in a statement.
Revenue for the year was $ 3.556 billion, compared to estimates for $ 3.554 billion.
For the first quarter, Reynolds expects earnings growth of 10% -14%, earnings per share 23-27 cents and adjusted earnings per share 24-28 cents.
Convergent estimates point to $ 853.5 million in earnings, up 12.7%, and earnings per share of 30 cents.
For the full year, Reynolds expects a 9% -12% increase, earnings per share of $ 1.52-1.66 and adjusted earnings per share of $ 1.56-1.70.
Convergent estimates point to $ 3.822 billion in revenue, indicating a 7.5% increase and earnings per share of $ 1.74.
Source: Capital
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