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Reynolds Consumer’s stock up premarket after revenue beat as company sees full-year earnings at high end of guidance

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Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

Reynolds Consumer Products Inc.’s stock REYN, -0.23% rose 1.1% early Wednesday, after the maker of household products posted better-than-expected revenue for the third quarter and offered upbeat guidance. The Lake Forest, Ill.-based company had net income of $78 million, or 37 cents a share, up from $48 million, or 24 cents a share, in the year-earlier period. Revenue fell 3% to $935 million. The FactSet consensus was for EPS of 37 cents and revenue of $932 million.

“We accelerated margin expansion and delivered earnings at the upper end of our guide driven by market share gains, continued execution of the Reynolds Cooking & Baking recovery plan and significant improvements in profitability of our other businesses,’ CEO Lance Mitchell said in a statement. The company is now expecting full-year earnings to come in at the high end of its previous range. It narrowed the revenue range to $288 million to $296 million from $281 million to $296 million.

 

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