Reynolds Consumer Products(US:REYN)2024-05-08 12:40Financial Performance - Total net revenues decreased by $41 million, or 5%, to $833 million for the three months ended March 31, 2024, compared to the same period in 2023[78]. - Net income increased by $32 million to $49 million, driven by declines in material and manufacturing costs and reduced interest expense[79]. - Adjusted EBITDA increased by $40 million, or 49%, to $122 million, primarily due to lower material and manufacturing costs[99]. - Cost of sales decreased by $87 million, or 12%, to $632 million, attributed to lower volume and material costs[94]. - Selling, general and administrative expenses increased by $6 million, or 6%, to $111 million, mainly due to higher personnel and advertising costs[94]. Segment Performance - Reynolds Cooking & Baking segment net revenues decreased by $19 million, or 7%, to $264 million, primarily due to an $18 million decline in non-retail revenues[101]. - Hefty Waste & Storage segment net revenues remained stable at $229 million, with a slight decrease in retail revenues[88]. - Hefty Tableware segment net revenues decreased by $19 million, or 8%, to $205 million, driven by lower retail volume[88]. - Presto Products segment net revenues remained stable at $143 million, with no significant changes reported[88]. - Hefty Waste & Storage total segment net revenues decreased by $4 million, or 2%, to $229 million, due to lower volume[103]. - Hefty Tableware total segment net revenues decreased by $19 million, or 8%, to $205 million, primarily due to lower volume and pricing[105]. - Presto Products total segment net revenues were relatively flat at $143 million, a decrease of $1 million, or 1%[108]. Adjusted EBITDA by Segment - Reynolds Cooking & Baking Adjusted EBITDA increased by $29 million, or 725%, to $33 million, primarily driven by lower material and manufacturing costs[102]. - Hefty Waste & Storage Adjusted EBITDA increased by $11 million, or 20%, to $66 million, driven by lower material and manufacturing costs[104]. - Presto Products Adjusted EBITDA increased by $10 million, or 53%, to $29 million, primarily driven by lower material and manufacturing costs[109]. Cash Flow and Capital Structure - Net cash provided by operating activities increased by $11 million to $99 million, driven by working capital initiatives and higher net income[113]. - Net cash used in investing activities increased by $7 million to $29 million, driven by increased capital expenditures[114]. - As of March 31, 2024, the outstanding balance under the Term Loan Facility was $1,845 million, with no outstanding borrowings under the Revolving Facility[117]. - A cash dividend of $0.23 per share was declared and paid during the three months ended March 31, 2024[134].