Reynolds Consumer Products Inc. (NASDAQ:REYN) Q2 2024 Earnings Conference Call August 7, 2024 8:00 AM ET

Company Participants

Mark Swartzberg - Vice President, Investor Relations
Lance Mitchell - President & Chief Executive Officer
Scott Huckins - Chief Financial Officer

Conference Call Participants

Robert Ottenstein - Evercore
Mark Astrachan - Stifel
Nik Modi - RBC Capital Markets
Peter Grom - UBS
Lauren Lieberman - Barclays
Andrea Teixeira - JPMorgan
Bill Chappell - Truist Securities

Operator

Greetings, and welcome to the Reynolds Consumer Products, Inc. Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mark Swartzberg, Vice President of Investor Relations. Thank you, sir. You may now begin.

Mark Swartzberg

Thank you, operator. Good morning, and thank you for joining us on Reynolds Consumer Products' second quarter earnings conference call. Please note that this call is being webcast on the Investor Relations section of our corporate website at reynoldsconsumerproducts.com. Our earnings press release and presentation slides are also available.

With me on the call today are Lance Mitchell, our President and Chief Executive Officer; and Scott Huckins, our Chief Financial Officer. Following prepared remarks, we will open the call for your question-and-answer session.

Before we begin, I would like to remind you that this morning's discussion will contain forward-looking statements which are subject to risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from those described today.

Please refer to the Risk Factors section in our SEC filings. The company does not intend to update or alter these forward-looking statements to reflect events or circumstances arising after the call.

During today's call we will refer to certain non-GAAP or adjusted financial measures. Reconciliations of these GAAP to non-GAAP financial measures are available in our earnings press release, investor presentation deck and on Form 10-Q, which can be found on the Investor Relations section of our site.

Now I'd like to turn the call over to Lance.

Lance Mitchell

Thank you, Mark and good morning, everyone. Our business is performing well. We had our best second quarter earnings in our history as a public company with the exception of the pandemic-fueled second quarter of 2020. We exceeded our second quarter revenue guide, increasing retail revenue 1%, as we outperformed our categories and the categories moderately outperformed our expectations. We continue to drive product innovation in household essentials, providing consumers with new product benefits and expanding range of affordable sustainable solutions. We continue to recruit Gen Z and Millennial consumers, who now represent the majority of the US workforce. We had identified and unlocked additional Reyvolution cost savings and our ongoing commitment to reduce operational costs. And we delivered earnings exceeding our second quarter and first half objectives, further demonstrating the advantage of our business model and the effectiveness of our people in a dynamic consumer environment.