An earlier version of this report had an incorrect number for full-year revenue guidance. It has been corrected.
Reynolds Consumer Products Inc.’s stock
REYN,
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 expects revenue to be down 2%, compared with prior guidance of up 1% to down 1%. The company expects EPS of $1.37 to $1.41 vs. prior guidance of $1.34 to $1.41. The stock has fallen 14% in the year to date, while the S&P 500
SPX,
has gained 14%.
