Reynolds Consumer Products Inc. reported a total net revenue of $3.695 billion for the fiscal year ending December 31, 2024, a decrease of 2% from $3.756 billion in 2023. The decline was attributed to lower sales volumes and pricing pressures across its product lines. The company's gross profit increased to $978 million, up from $942 million in the previous year, reflecting a gross margin of 26%. Net income rose to $352 million, an 18% increase from $298 million in 2023, driven by reduced costs of sales and lower interest expenses.
In terms of operational performance, Reynolds Consumer Products saw a notable shift in its revenue composition. The Reynolds Cooking & Baking segment generated $1.247 billion, down from $1.273 billion, while the Hefty Waste & Storage segment increased its revenue to $959 million from $942 million. The Hefty Tableware segment experienced a decline, with revenues falling to $918 million from $967 million, primarily due to reduced foam product sales amid regulatory pressures. The Presto Products segment reported a slight increase in revenue to $596 million from $593 million.
Strategically, Reynolds Consumer Products has focused on sustainability and innovation, highlighted by its acquisition of Atacama Manufacturing Inc. in 2023, which is expected to enhance its product offerings with sustainable materials. The company continues to invest in both branded and store brand products, with branded products accounting for 62% of total revenue. The company maintains a strong market presence, holding the #1 or #2 market share position in most of its product categories, with over 50% of its revenue derived from products that lead their respective categories.
As of December 31, 2024, Reynolds Consumer Products employed approximately 6,400 people, with a significant portion located in its U.S. manufacturing facilities. The company reported a stable customer base, with Walmart and Sam's Club accounting for 31% and 17% of total revenue, respectively. The company’s outlook remains cautious, with management noting potential challenges from fluctuating raw material costs, labor shortages, and evolving consumer preferences. The company plans to continue its focus on cost management and innovation to navigate these challenges effectively.
About Reynolds Consumer Products Inc.
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