Reynolds Consumer Products(REYN) - 2025 Q1 - Quarterly Results

Financial Performance - Net Income decreased to $31 million in Q1 2025 from $49 million in Q1 2024, impacted by $10 million in refinancing costs and $8 million in CEO transition costs[4] - Net Revenues were $818 million in Q1 2025, down 1.8% from $833 million in Q1 2024, with Retail Net Revenues decreasing 3% to $767 million[7] - Adjusted EBITDA decreased to $117 million in Q1 2025 from $122 million in Q1 2024, reflecting lower volume and higher operational costs[4] - Net income for the three months ended March 31, 2025, was $31 million, down from $49 million in the same period of 2024, representing a decrease of 36.7%[35] - Total revenues for the three months ended March 31, 2025, were $818 million, a decrease of 1.8% compared to $833 million in the same period of 2024[37] - Adjusted EBITDA for the three months ended March 31, 2025, was $117 million, down from $122 million in the same period of 2024, reflecting a decrease of 4.1%[47] - The company reported a net cash provided by operating activities of $56 million for the three months ended March 31, 2025, compared to $99 million in the same period of 2024, a decline of 43.4%[35] Future Guidance - The Company expects 2025 Net Revenues to decline low single digits compared to 2024, with Adjusted EBITDA projected between $650 million and $670 million[20] - Second quarter 2025 Net Revenues are anticipated to decrease by 2% to 5% compared to Q2 2024, with Adjusted EBITDA expected to be between $155 million and $165 million[21] - Adjusted EPS for 2025 is expected to be between $1.54 and $1.61, with two to four points of positive pricing anticipated to offset cost increases[20] - Future guidance for fiscal year 2025 indicates expected adjustments for Adjusted EBITDA and Adjusted EPS, but specific reconciliations cannot be provided at this time due to uncertainties[44] Debt and Cash Management - Cash and cash equivalents were $58 million as of March 31, 2025, with total debt at $1,637 million, resulting in Net Debt of $1,579 million[17] - The Company refinanced $1.645 billion of its term loan, extending maturity to 2032 and enhancing financial flexibility[5] - The company executed a debt refinancing in March 2025, incurring a debt refinancing expense of $13 million[47] - Net debt as of March 31, 2025, was $1,579 million, with a Net Debt to Trailing Twelve Months Adjusted EBITDA ratio of 2.3x[54] Segment Performance - The Reynolds Cooking & Baking segment generated revenues of $259 million, a slight increase of 1.2% from $256 million in the same period of 2024[37] - The Hefty Waste & Storage segment saw a revenue increase of 2.6% to $240 million from $234 million in the same period of 2024[37] - The Hefty Tableware segment experienced a revenue decline of 13.5%, with revenues of $179 million compared to $208 million in the same period of 2024[37] Dividends - The Company declared a quarterly dividend of $0.23 per common share, payable on May 30, 2025[23]