Reynolds Q2 net income falls 35% to $52M, adj EBITDA down 20%; FY cost headwinds raised to $525M

Reynolds Consumer Products Inc.

2022-Q2 EPS reported $0.50 revenue$1,762,000,000

Net revenues $917M (+5% YoY) on price hikes; net income $52M (-35%) due to lower foil volume and cost inflation.
Adjusted EPS $0.26; Reynolds Cooking & Baking EBITDA -39% on foil consumption drop; Hefty Waste & Storage EBITDA +2%.
FY 2022 outlook: net revenue growth 8-11%, adjusted EBITDA $560-590M, cost pressures now ~$525M (was ~$450M).
Q4 expected margin improvement; management sees full recovery of pre-pandemic profitability in 2023.
Quarterly dividend of $0.23/share payable Aug 31 to holders of record Aug 17.

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