Reynolds Consumer Products narrows FY24 EPS view to $1.66-$1.70 from $1.65-$1.71

Consensus $1.69. Narrows FY24 revenue view to $3.62B-$3.66B from $3.59B-$3.67B, consensus $3.64B. Narrows FY24 adjusted EBITDA view to $673M-$683M from $670M-$685M. The company said, “The Company forecasts Adjusted EBITDA growth driven by retail volume at or above category forecasts, improvements in product mix, the Reynolds Cooking & Baking business’s recovery of historical earnings and delivery of additional Reyvolution cost savings. The Company continues to expect the relative contribution of each quarter’s Adjusted EBITDA to the full year’s Adjusted EBITDA returning to historical averages. Net income growth is forecasted to be driven by the same factors driving Adjusted EBITDA as well as an approximately $20 million expected reduction in interest expense compared to 2023 net interest expense of $119 million.”