By Dean Seal
Reynolds Consumer Products raised its earnings guidance while cutting its revenue outlook for 2023.
The Lake Forest, Ill.-based producer of cooking, waste, storage and tableware products said it now expects revenue to fall by 2% this year, compared with previous guidance for between a 1% drop and a 1% gain.
The company also raised its profit outlook to $288 million to $296 million, or $1.37 to $1.41 a share, lifting the floor of its prior range from $281 million, or $1.34 a share.
The revision comes after Reynolds posted higher earnings on lower sales in the third quarter. Chief Executive Lance Mitchell said the higher bottom-line forecast was driven by the company’s effort to reduce working capital and be more disciplined in its capital spending.
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