By Dean Seal
Reynolds Consumer Products logged higher earnings in the third quarter despite a drop in revenue as operational costs came down.
The Lake Forest, Ill.-based producer of cooking, waste, storage and tableware products posted a profit of $78 million, or 37 cents a share, compared with $48 million, or 23 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were also 37 cents a share, in line with the consensus estimate of analysts surveyed by FactSet.
Revenue came in at $935 million, down from $967 million in the year-ago quarter but above analyst projections for $932.4 million, according to FactSet.
The bottom line was driven higher by price increases and lower operational costs, which offset higher overhead, interest and income tax expenses. Volumes were down in the company’s cooking and baking segment, its hefty tableware unit and its Presto Products business.
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