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Reynolds Consumer Products Inc. (REYN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

Reynolds Consumer Products Inc.

CIK: 1786431 Ticker: REYN

Exhibit 99.1

 

 

Reynolds Consumer Products Reports Fourth Quarter and Fiscal 2021 Financial Results

Strong Consumption Continues

Forecasting Earnings Growth to Resume Q2

Prioritizing Reyvolution Cost Savings Initiatives

LAKE FOREST, IL, February 9, 2022 – (BUSINESSWIRE)

– Reynolds Consumer Products Inc. (“Reynolds,” “RCP” or the “Company”) (Nasdaq: REYN) today reported results for the fourth quarter and fiscal year ended December 31, 2021.

 

Fiscal Year 2021 Highlights

 

Net Revenues of $3,556 million, up 9% over prior year net revenues

 

Net Income of $324 million; Adjusted Net Income of $335 million

 

Adjusted EBITDA of $601 million

 

Earnings Per Share of $1.54; Adjusted Earnings Per Share of $1.59

 

Net revenues increased 9% on top of record net revenues in 2020, reflecting pricing to offset increased material costs, continued strong demand and continued benefits from innovation.  Net income was $324 million, down 11% versus last year’s net income, and Adjusted EBITDA was $601 million, down 16% versus last year’s Adjusted EBITDA as price increases lagged increases in material, labor and logistics costs, partially offset by higher volume and lower SG&A.

 

“We reported another year of record net revenues and enter 2022 with continued strong demand for our products,” said Lance Mitchell, President and Chief Executive Officer.  “We expect a third consecutive year of record revenue this year and a return to profit growth in the second quarter.  RCP is stronger today thanks to the determination, hard work and creativity of our people in a very dynamic market.  I am exceptionally proud of our team and see tremendous potential for our business in 2022 and beyond.”

 

Fourth Quarter 2021 Highlights

 

 

Net Revenues of $1,021 million, up 15% over Q4 prior year net revenues

 

Net Income of $105 million; Adjusted Net Income of $107 million

 

Adjusted EBITDA of $181 million

 

Earnings Per Share of $0.50; Adjusted Earnings Per Share of $0.51

 

Net revenues increased 15% on top of record fourth quarter net revenues in 2020, reflecting pricing to offset increased material costs, strong demand and continued benefits from innovation.  Net income was $105 million, down 6% versus last year’s net income, and Adjusted EBITDA was $181 million, down 9% versus last year’s Adjusted EBITDA as price increases lagged increases in material, labor and logistics costs, partially offset by higher volume and lower SG&A.

 

 


The following information was filed by Reynolds Consumer Products Inc. (REYN) on Wednesday, February 9, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Reynolds Consumer Products Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accrued And Other Current Liabilities
Accrued And Other Current Liabilities (Tables)
Accrued And Other Current Liabilities - Summary Of Accrued And Other Current Liabilities (Details)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income - Summary Of Changes In Balances For Each Component Of Accumulated Other Comprehensive Income (Details)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - Additional Information (Details)
Benefit Plans - Schedule Of Accrued Benefit Obligation Included In Consolidated Balance Sheets (Details)
Benefit Plans - Schedule Of Accrued Benefit Obligation Recorded In Accumulated Other Comprehensive Income (Details)
Benefit Plans - Schedule Of Changes In And Amount Of Accumulated Postretirement Benefit Obligation (Details)
Benefit Plans - Schedule Of Estimated Future Benefit Payments (Details)
Benefit Plans - Schedule Of Weighted-Average Assumptions To Determine Net Periodic Postretirement Health Care Cost (Details)
Benefit Plans - Schedule Of Weighted-Average Assumptions To Determine Postretirement Benefit Obligations (Details)
Commitments And Contingencies
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Interest Expense, Net (Details)
Debt - Schedule Of Long-Term Debt (Details)
Debt - Schedule Of Required Future Repayments On Debt Outstanding (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation - Additional Information (Details)
Financial Instruments
Financial Instruments - Additional Information (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill By Reportable Segment (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets, Net (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Summary Of Activity Related To Gross Unrecognized Tax Benefits (Details)
Income Taxes - Summary Of Components Of Income Before Income Tax (Detail)
Income Taxes - Summary Of Components Of Net Deferred Income Tax Liability (Details)
Income Taxes - Summary Of Reconciliation Of Income Taxes Computed At U.S. Federal Statutory Income Tax Rate To Income Tax Expense (Details)
Income Taxes - Summary Of Significant Components Of Income Tax Expense (Details)
Income Taxes - Summary Of State And Foreign Net Operating Loss Carryforwards On Gross Basis And Tax Credit Carryforwards (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Summary Of Future Lease Payments Under Non-Cancellable Leases (Details)
Leases - Summary Of Lease Costs (Details)
Leases - Summary Of Operating Lease Liabilities And Rou Assets Included In Consolidated Balance Sheets (Details)
Other Expense, Net
Other Expense, Net (Tables)
Other Expense, Net - Summary Of Other Expense, Net (Details)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Tables)
Property, Plant And Equipment, Net - Additional Information (Details)
Property, Plant And Equipment, Net - Summary Of Property,Plant And Equipment, Net (Details)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Reconciliation Of Segment Adjusted Ebitda To Consolidated Gaap Income Before Income Taxes (Details)
Segment Information - Summary Of Adjusted Ebitda (Details)
Segment Information - Summary Of Adjusted Ebitda (Parenthetical) (Details)
Segment Information - Summary Of Geographic Data For Net Revenues And Long-Lived Assets (Details)
Segment Information - Summary Of Net Revenues By Product Line (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Summary Of Activity For Rsus And Psus (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Details)
Ticker: REYN
CIK: 1786431
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-004307
Submitted to the SEC: Wed Feb 09 2022 9:20:29 AM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Plastics Foil And Coated Paper Bags

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