Earnings call transcript Q1 2023

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Reynolds Consumer Products First Quarter 2023 Earnings Call. [Operator Instructions] Please be advised that today's call is being recorded.

I would now like to hand the conference over to your speaker today, Mark Swartzberg. Thank you. Please go ahead.

Mark Swartzberg

operator. you, Thank and Consumer everyone, for us joining Good First thank Quarter Reynolds Products' Call. XXXX on morning, you Earnings Conference that being is Relations corporate this on at note website Investor our section simultaneously reynoldsconsumerproducts.com. the of Please webcast call

slides release site. on presentation also available Our earnings accompanying are press and the

our Graham, With Financial our me Mitchell, Officer. on Executive Chief today call and the Chief Officer; Lance are President and Michael

remarks Baking on the our plan our quarter quarter review for For focus quarter the outlook call, are on & will our the our performance, results business. and we Reynolds what full his Cooking drive across recovery Lance and progress first to Michael year. and second first doing financials our will

questions. Following we prepared remarks, for will call open the

I reminders. would a provide begin, to few like we Before

morning's actual those our materially SEC subject uncertainties filings, our to to report and call. and forward-looking or on statements First, may Risk our circumstances and risks, cause differ Please results contain outcomes are Factors based from intend that XX-K Form beliefs. statements this does described forward-looking current discussion in today. report these to reflect could company circumstances our statements or arising in refer alter after on the These Form Please to quarterly on in XX-Q. update and annual changes expectations not events note including that section to the

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

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

Lance Mitchell

by begin call and stronger on everyone. across our our followed I Then and your I Michael guide comments drive we the what business. to over our today Mark, our on Thanks, will results results are questions. doing to to elaborate morning, with good and and turn performance will

for We in implemented in our our strong of in to Reynolds positions & executed well segments We operations growth X restored the comprehensive by levels levels plan that and year. setting with operate reducing for a Baking of Baking restored returning first categories, Tableware for business the quarter, continue Waste And Hefty Cooking historical to & We profitability. exited XXXX X plan profitability the at businesses, Reynolds operational X stabilized earnings strong the inefficiencies. and stage & Cooking Storage, of profitability. Presto Hefty other

expertise redesign results measures efficiencies, critical technical our Before reliability we processes goals to also our and call, across I implemented in an standardizing speak teams operations improved across in equipment the to perspective. Operationally, like focus Baking on more quarter the business, increased stability including key mentioned assets for segment and order asset review and drive Reynolds I'd processes ensure Cooking of operational, what operational production met to to last further & we cross-functional stability. from our we're earnings alongside We're doing in commercial financial as specifically practices.

moderating phase driven and next the which our margins recovery entered now of have plan, material to We by rebuild operational efficiencies. is improved costs

making our line facility. progress installed spooling in also recently in our new and We're second continued Louisville automation

expanding and Reynolds including and Commercially, other by production Wrap Fryer Reynolds strength Kitchens lifting and are this millennials and Reynolds reflecting share adoption. first Now trial Flat goals to of Stay And distribution, on-air for trade Air hit to efficiencies dollar for advertising quarter, restore to while do Liners volume summer, support the demographics. July. Wrap Fourth Reynolds Day Paper new strong products Memorial and driven including We're Kitchens consumer our fully Parchment our we've back and growing, and is still work for we position. have key cost with

and in Financially, in we're delivering our the profits year, at to on of quarter, earnings our line to will established this & historical track gains. targets consistent and we share Reynolds is return attain for half quarterly And we're expectations confident with against by are a driven Wrap profit the levels XXXX. the year. start of Baking plan the Reynolds the Cooking we achieve plan with the second

our me business. doing continued what let we're now drive So to entire turn to momentum across

brand weeks, share participate share many of know, gain I I Reynolds. our also the delivered as share solid our to can category well. pandemic. I with how benefited Hefty vast integrated base. that externally makes We trends we're to gained staples role brands. store bag additional you model, as grew a as brand As driven strength and a food doing Hefty it pleased performance our as for the brand we're Waste trend store in a together the share share Bags and mentioned our brands by category improving tell brand quarter. brand company's recent in our also in within with and from innovation. see we've data much difficult And in trend, the store on of our Syndicated basis. well you, majority super in But adviser XXXX tribute combined to customer

which expectations. historical plan higher we Trade our achieved will We're and at to around volume we prior We've segment represents our retailer and to food investment plan that brand and innovation continue driving years. and share our holidays share, store the execute is that is are a events. plan continue For of with increased and our driving share strength, also promotions investment and bags key and is than to continue. for pre-pandemic Investment have of example, trade levels, growing. growing, results consistent advertising

quarter value versus expanding strengthening only sustainable through year Advertising products, by solutions. expected awareness, advertising market last to as levels. I a translate and increased XXXX up new household This we and air Reynolds top but the to in additional bringing versus not first was position for increase in increases consumers year's we're mentioned, spend plan ago, our advertising into of on elevating to Wrap while categories In return also penetration. is our

Fabuloso momentum, adoption Fabuloso demonstrate of Lemon waste by Lavender Our bags with Hefty for retailer distribution driven expanding to sense. new the strong Hefty continued and Fabuloso

Hefty for to being Air compostable plastics and ReNew. perform recycling as and recycled Hefty Kitchens continues performing with paper, and XX% sustainable materials are Hefty hard-to-recycle partnership is including waste solutions, made made Other EnergyBag, rebranded post-consumer unbleached and well. program well Reynolds with our Fryer Liners store-branded bags

very strong. new Our pipeline is product

So that and and look more families are calls. future on earnings whenever your you our shopping for

under watching volumes than But I'm competitive elasticity Our changes for and ever integrated brand impacts more and a is pleased from our performing in consumers portfolio pressure, model before we're closely are store and and is advantage, how behavior. at brand price consumer retail.

us for on in strong our relentless earnings XXXX. financial performance believe profitability and focus growth We puts track on

With that, to over Michael. you,

Michael Graham

Thanks, Lance, and good everyone. morning,

us for Our and year. strong cash and earnings a first quarter foundation our results growth flow were provide with expectations consistent with this

in in professional higher were revenues Net versus as as Cooking offset Baking increased costs the versus business material profitability as than of and rest prior and costs, Net fees businesses. & more the income volume in manufacturing adjusted and the partially offset last our the X% year EBITDA X% the advertising personnel increased declined implemented decline. well by increases as prior a price increases year the Reynolds anticipated year costs

Cooking in to decline. spending, Reynolds earnings compared rates. an conversion including by contributed interest drove the We cash plans quarter of initiatives investments the year. capital flow in Working negatively year with impacted costs our spite of In interest we strategic consistent addition, in to the in increased net anticipated operations, and higher & due cash capital an improvement first to prior improvement with remain was the disciplined for Baking income

metrics. year For provided XXXX, full our of previously are the reiterating we guidance

range to share. to X%, flat with or compared $X.XX per up net in $X.XX XXXX. minus and We plus Adjusted expect in adjusted $XXX to be in pricing of million to the be revenues of range $XXX EBITDA net to flat, EPS slightly million of to be $X.X billion to the revenues

stable Baking a that and is performance strong Cooking continued plan Our than Waste certainly include, prices Hefty X levels. and including solid remains which, start the versus this price the as further but execution guide Storage, key quarter. Reynolds of said, Hefty environment underpin the to Commodity off & in the assumptions Commodity dynamic, are Lance polyethylene end & stable been, increases are rates Tableware have first relatively for Presto. more they of recovery April

approximately $XXX that and spending last categories Another depreciation and of as amortization, basis earnings business. and of we EBITDA where capital these expense, year rate our XXX midpoint profit guide savings, Reyvolution million at tax of points estimates of approximately our the call. our and interest same effective in adjusted provided the of margin cost incremental Gross use we to in investment sources potential from continue savings

on the share. the EBITDA of expect in the $XXX from revenue range be flat EPS year in EBITDA the range For of $XXX million, $XXX million net price. second of of increase including to we in X% year, to million adjusted $X.XX the comparison And to quarter, prior of in growth revenues $X.XX range Adjusted an the period. up net million adjusted the approximate in prior by to $XXX per X%

to our and quarter the the phasing turn earnings for confidence growth the factors drive that and second in Now the we'll year. in

quarterly & with this track the margin pleased are are Cooking our and in Reynolds achieve we in Baking making are on We business. progress to targets

The level Presto and restored XXXX. of at these and achieved margin are Tableware profitability. Hefty in Storage, & pricing restored Waste translates of operating businesses levels Hefty margin in into already

advertising. that are investing increases in and trade on the that, discussed spending We retail momentum and have including and build Lance to

in second contributing during headwind headwinds the inefficiencies levels but to in lesser consistent & the of for also extent to expected Baking Operational a earnings return half to the cost quarter. first expected this are remain our in to business of These a second higher than and the carryover to are confidence Reynolds the historical quarter, with the moderate aluminum in year. quarter, Cooking

and capital In terms cash allocation. of flows

period conversion to We disciplined cash year. flight area last first the to same improvements. initiatives improved capital working the quarter in further in Multiple are mentioned, in we the plan drive as remain As additional measures spending priorities unchanged. debt this to down are year. anticipated capital pay an us earnings with capital enable the of allocation well. growth, And these Together to our expect versus

you, With back call to over I'll that, Lance. the hand

Lance Mitchell

retire to Michael's the for call of know we would I to the following the on search release your update earnings CFO our an following fiscal decision to questions, Before get turn you over year. like

Michael's well, confident transition. Our in replacement a going is and I'm smooth search for

and departure and before for from new at an period overlap RCP. replacement We internal of external strong We year. CFO's expect between the candidates, announce of to the role we results assumption for are Michael's and reporting plan appropriate quarter fiscal fourth Michael's looking the

to our at Since transition this please add operator, on topic. CFO we question. off hold that, go this first have the to on with nothing questions time, any let's And further

Operator

first with Thank you. Nik RBC Our Markets. line Capital Modi of from [Operator Instructions] the question is

Nik Modi

in store best price Michael, my you that? was right pardon with last curious, deal usable about to start behavior of categories call, I last around of you the any thresholds. place just people I'm year category buying less -- in Any for you consumers exiting like to year foil the really where threshold mean, [Expletive] a luck across in rest your more as was And in thoughts given hoping changes of portfolio, terms using I if critical do guys had future or ago the seeing is pricing some because containers year. fruits. late some of certain obviously, the the point, consumer you a issues price just you're what of look we their of -- And crossed? French with talk can endeavors. feel

Lance Mitchell

[indiscernible] pleased we're Nik, what pretty we overall, expected gaps. we're price with and happy gaps. with And the our

at. But continue categories, to through our manage with trade our necessary. pretty of as pleased categories they're and where currently we're for monitor all We and pricing

of across shares the But volume across categories. categories. our prolonged seeing well Our and overall, feeling course are some our and offset inflationary is most are performing are well, alternatives our and Customers our doing performing pinch prices. well to categories

Nik Modi

of that. terms on and consumer reusables Lance, behavioral thoughts changes seeing And any things you're just anything in like the

Lance Mitchell

seeing continued staple categories. our we’re and products, seeing household we’re – growth of Essentially, most of share we’re across use our seeing

our cups In are specifically. share. we only we fact, our brands X parchment, and addressing are gaining and those areas and are rest gaining party and of the we’re where are all in the But categories growing, not share

Operator

question next of Rob line from Ottenstein Our Evercore ISI. with is the

Rob Ottenstein

of couple here. A questions

you're is compared then is us like you last to what's the guess, at be, over importantly, give have it business what volumes the of looking a few could XXXX changes? maybe First, And an QX where are, kind can looks down I guidance, a sense then And any years? where of of particular couple that percent And get I to suggesting follow-up. a of versus volumes assess right? so more the would think explain we flat changed can I'll 'XX, happened

Lance Mitchell

income Consumers specific purchase are They're cycle -- about price are are or consumers purchasing about sizes. which more more square foot purchasing value per bag extending concerned smaller houses higher the sizes and points. larger concerned lower-income per is

up millennials. growing continue before especially Foil gain XXXX, X have of formation Household Hefty continues a had consumption to Wrap consumption share share the with X%. be bag up quarter. quarter. home benefited is generational gained pandemic first increased share also levels. we and all versus and in during pandemic, X% gained share consumption. points it higher pandemic. It's groups, XXXX is Waste the to Reynolds the above than in prepandemic buyers activity under in the the during Hefty

food bags, is we all both primarily. driven channels, food by bag it consumption estimate press-to-close on-track in slightly to shifted up In channels, but

trends Our gained strong food and label quarter Sliders also the our bags gaining during began introduction freezer share first in quarter. in part the half-gallon share private by bags a bag , of driven Hefty food were

party mention in down, very gone also a I above and label, remain high grown we levels. has did growing in segment. effectively but very cups pre-pandemic this private we're have branded label moment private our They've that ago Plastic in our X%. participation share a

And up is share prepandemic the parchment probably prepandemic prepandemic Disposable It's up levels, our of is strongest is dishes dish all. consumption up Hefty levels. consumption XX% versus versus slightly to introducing by and driven of Reynolds specifically the behavior, new share consumer increase among some adults Parchment. the of and levels, baking we're products, a Flat Stay have category we young large and and of this

Rob Ottenstein

X% your I of So XXXX say we levels? at mean, volumes over if running would look are up just kind you just to -- Bags, X%

Lance Mitchell

X% The share category is up and is up our versus XXXX.

Rob Ottenstein

then? like X% So you're up more

Lance Mitchell

yes. High digits, single

Rob Ottenstein

in right, given, And that then executed to about your from you've intensity little you as market? trying if Or they a and And innovation more the you a stance and win bit gains -- can one, these competition? seeing of competitive marketing? share are through talk you're promotional the

Lance Mitchell

this I described all as the time competitive in at environment right in being now our of point categories. rational

planned some We promotional increases that as are seeing categories. we’ve in for activities our across well. But

levels that’s plan. pre-pandemic reflected to in guide our our trade our returning We’re and and

Operator

line with next The Instructions] Barclays. of Lieberman [Operator question is the Lauren from

Lauren Lieberman

also costs that Baking, I was Mediation curious this get just maybe in found Great. Was Cooking you had groundwork the new along may arguably cost there that to of lay that be going in quarter process? to & opportunities done? like work. was anything about forward, uncovered Reynolds that the better even to that things embedded sort that scope work through for you that just efficiencies that incur of P&L excess within And for

Michael Graham

Yes.

which this higher seeing answer me professional a that's let you're are fees, SG&A, and in part overall a flowing SG&A of that we is -- The -- thing higher one fees experiencing in our professional reason slightly and increase the results. of couple So parts. through

of component of the kind that's professional So that. fee

to it to want your rest As question I'm of now. -- sure relates -- on clear understand I make the

Lauren Lieberman

Sure.

that if with may a step remediation, for So you to there's or into, any remediate I if that again, been of those opportunities working findings like run build the any you've this. external someone efficiency as working in been taking uncover issues incremental on also think if sort work the you it incremental beyond, you've consultants further, with,

Lance Mitchell

to exactly in are operational the beginning Michael in that on we the answer shared Those our year. expected saying basis when KPIs we plan the Board that costs And of and had we guide. that on plan. were by that just established, our and at the developed a are I on exactly plan would referred the and with we we monthly

and achieve So on that's in the I to but above wouldn't say QX we'd achieve exactly QX. there's executing potentially expect anything in what to that track are plan, we

Mark Swartzberg

professional for provided and for quarter guide first And built in we those were year. had Lauren, quarter first the is actually into the and fees Mark, we the this what the

Lauren Lieberman

Perfect.

I other those a And probably great. the of, companies would charges I those think expenses. in exclude ask Okay, of also lot that -- context

sort So of of was question. the yes, that the genesis

So that's great.

Okay.

-- pricing been then but aluminum just know other -- very was to is coming it thing has I volatile, And be really seems down.

You through still got cost high flowing aluminum your P&L.

Your -- promotion you've the activity the are up. back market in is got promotional shares back some back and

of deeper to working that's inventory? and just than start see when the any would make cost what marketplace have like take for a, But guess, spot you aluminum some growth volume promo we, lower -- should its in your directness given planned, And to out through just the curious way deflation given trade is there that pressure rate expectations you what there? I

Lance Mitchell

like the $X.XX. during it of and up you pound. $X.XX. end remind back $X.XX $X.XX At I’ll was XXXX Yes, down QX a at aluminum was to It to the is in the spiked year,

it more stable it So at it was, higher it’s than was. much a price stable but than is

Our retailers plans are They with recognize a that trades our commodity. and in pricing. it line for is

I – and this expected are so planned, we’re plans. agreement what had with our And and at we point, exactly retailers in our executing

Operator

from line with is Our Mark next of Stifel. Astrachan question the

Mark Astrachan

a in costs unallocated by in the it better drove if that. segment obviously question, at you much basis, higher look Because First quarter? profitability the that anything was particular offset on the

kind So think going how what that was about do And that? in we of forward?

Michael Graham

Yes.

QX with, majority variable expectation. year professional in are were noting the Higher Baking support guide. baked expected the costs as The costs say into higher D&O again, historically worth there and in that also due And But had costs in been start of costs overall fees. Cooking our are our over insurance. added that which with such and we recovery me comp these were just that of talked XXXX prior off back line about. some Let to &

Mark Astrachan

that then on And recur? a And because segment base basis if would higher? Is is greater that suggest not, the profitability reasonable? did those that would the I guess, be

Lance Mitchell

sure that? can not -- repeat you we're I'm understand

Mark Astrachan

saying just like in segment base I'm on Yes, EBITDA, the was XQ is drag profitability basically So bigger a higher. the right? that on

don't on -- are the and the then So segments costs base unallocated those costs higher. recur

Mark Swartzberg

pretty be the throughout year, flat Should Mark.

Mark Astrachan

about your the just your higher of I -- to any a relay extent of switching are Any balance retailers more thinking thoughts, sort of can customers, And level more and how potentially think to the they about the think those and environment guess private you a the as volatile you label question. discussions. how the activity brands about and relates consumer promotional what's to as both pricing it

Lance Mitchell

label But slow private overall, to remarks, our cups indicated think in advantage, shifts our share as bags. cooker dishes, is party bags, plastic it's and food in is prepared model integrated us competitive up, foil, benefit it in really and store I brand, And oven and direction. either parchment foam paper in and graph. waste bags, positions and liners down Well, I a brand

Our mix, doing category to advise rely for the retailers them been and us on that on years. really we've

seen stability So adviser is brands we've that economically reliable. counsel sound for store and and brands is between retailers the and category that relative our alike consumers both

and stable Private plastic bags, label including in of private label been of economic we our many share categories, foam category sizable and category's share dishes, labels of cooker has slow liners. this consistent cycles, already consumption one. And including wrap, have and waste portion our private bags, represents a all a strong these food throughout relatively

Mark Astrachan

And if the there. one year. I I slightly, heard for squeeze up just Pricing could more in think quick flat I one

Does best come the in of it in up it? to back imply that is XH, about pricing volumes, does think what way Or negative half down? XH So year? the the in

Lance Mitchell

ahead. Go

Michael Graham

rate the are down a half in bit. And we higher remember fourth... at a Second

Lance Mitchell

as in pass-throughs We’ve that private well business as our our got some transactions. contractual label related party occur

Operator

is question line coming JPMorgan. Next Teixeira with the from of Andrea

Andrea Teixeira

or last to knowing track, what speak quarter. the Just earnings wanted in that initial Lance both how on you to And to the you would kind in knew of on as on call. said terms about in, I Michael, But to last and that the quarter. that's you're check margins you that did that coming on actually you back prepandemic you're comment. I I alluded tracking QX. last we guide know was happen then Today, think, think into why the had the put Obviously, track it in pass-through of

since Now changed. you the iterated it but resins have

the settle, price for that's the key they about you when potentially fourth you thinking as the going products hopefully, quarter. to XXs Presto private back included into Presto, high think XX and is fourth including Or your quarter? that only reduction on pricing Is customer, margins, these the that, I'm in apples-to-apples and that that have label for basis? or with the in contemplated

Michael Graham

Yes.

We're line track, our take this of pretty kind earlier. quite an think process guide standpoint, on. on that how that consistent with much we anticipate we're me From working, our overall with plan recovery our on right let that So overall the I spoke and recovery pleased is in And Lance to is right? expectations.

because in provide So this point overall at in accordance tracking we're we is really, updates space plan. additional time, with there no in can

we're pleased that. and quite So with

As to relates that is Presto into private label built business the it our pass-through already. pass-through,

contractual to So have as indicated, give there already we our is stuff base. customer to Lance back that some

already So that's baked in.

Andrea Teixeira

this is -- super Michael. just And helpful,

the because was I there. the as with right the Cooking a and had fine you're recovery -- Baking kind [prominent] the and where most quarter tough you the specifically that quarter first on quick of saying, the & math one quarter did second expected, point Just right, line top issues

do But it to that thought? second quarter then that. an in implies the number it actually shaping to up very consensus better the say inflection you Cooking. inflection, guide And is in your is we probably fair than second all it in seasonally think, in and -- second the Grilling that your this quarter have shows your margins I an and that a for you quarter, high had And tracking

Michael Graham

as as see before our that. we're did that that shared business draw wouldn't of efficiencies. higher the to that would on aluminum abate I No, that basis through to we've progress a improvements our quarter I tracking mean, this operational we was to expect conclusion. cost to flowing we and make start on well begin we as sequential do, And

So see don't are to but this willing I will there that Hopefully, additional this point nothing point. time upside. in to any commit at be, we at

Lance Mitchell

add Andrea, on you company profit And that and tell and everything quarter total percentage be entirely said gross a would basis, can the second we that I the echo year-on-year margin quarter. gross from Michael dollars our just second to guide up in expect

Operator

question [Operator of Instructions] The Chappell is the Bill from line next with Truist Securities.

Bill Chappell

Just had a the question. couple, of I guess, clarifications prior

I First, you've in to and than question elasticities been other I customers guess foil pricing didn't behavioral to of you've the change options. I switching fully And and had that had expected terms Lauren's of kind some in answer understand promotion. said higher you think aluminum have

that standpoint, you a the the will consumers you drive about wrong? just as I -- planned to possible, would volume you from let prices believe eventually would I think want thinking do Or with down Am are So as what adjust? where fast retailers. you get consumer you alone have

Lance Mitchell

if look price in to them. foil all categories you our want to and actually and where surpassed our gotten aluminum we gaps across to Well, have we've QX, expectations, we of at our our volume

pleased with. Granted, are inflation, we're higher really were where we've they than established So gaps but points got good price they we've the across because price categories, points. of

Bill Chappell

of used time? So new over you the of I bounce back the to just prices year, mean, destruction at just kind and look kind to last they'll figure the get will demand that. but elasticity like consumers you

Lance Mitchell

Consistent growth. it's at there's look growth our prepandemic levels, that, across the and mean guided, very I what see categories we're effective. that. that have. you they can at And with promoting of Yes, been strong evidence share the and we've

Bill Chappell

want understand, getting down. back costs just sure I comment prepandemic -- just on I Moving on to entail make margins, to coming the would margins to

priced You to have actually -- that a improvement. to price need Or help you some level. I that back margin? for think right? get for have Is from margin would you

Mark Swartzberg

dollar economics Bill, that, saying really since profit, dollar and in that percentage beginning margins. been pandemic gross we're about inflation began unit we've terms, the not the of with

So be we're Reynolds in Baking businesses, this the we tracking business to Cooking and of our to & there, we're later X where want year. in

Lance Mitchell

million into in growth know, the of last And on track in terms the sales as year. gross QX guide. of forward of quarter, in in progression points of for that And look to X approximately the year of and expansion versus continue QX that of percentage $XXX terms this profit midpoint expect we versus of margin a our through last trend profit and dollar as of as XX% at you well. second That’s And go gross translates gross points year, to profit multiple expansion we’re approximately in year. QX we for

Operator

The is next question of Evercore with from ISI. the Ottenstein Rob line

Rob Ottenstein

ways incredibly to point to of necessity. term stand a shift of love time you gears many you Obviously, I'd Lance, get like where spending and in X challenging So a start short of fires where now sense you more strategically? kind term. think little bit, to lot the to years, more had are I'd out think at longer thinking over of environment a longer back term put out the last X, can

your kind of thoughts over a in driving the want forward of bit time whatever frame initiatives things terms of next the the years, X, terms of the X, that -- thinking us your give business? value of maybe X little going about you in that And you're

Lance Mitchell

month. think of short plan. last And are asked having the process a that last X absolutely, to we the long-term the over our we strategic asked years. you in question developing have term really Board And So been

but long-term the redeveloping It our we prime after for our to long-term our plan everybody. had Day plan. is with on But changed discussions have show, I completed with plan. the a shared they’re then, and not Board, time, We and Investor which obviously strategic with aligned we’re road the expect we’ve fully us ready since an world has

that them meeting. at sharing in plan Board with our are We July

or we’ll fourth third have Day, be and quarter, perhaps go an Investor to So we’ll able more detail. into

Operator

Instructions] question Genuity. with from next of the Brian McNamara Our line [Operator is Canaccord

Brian McNamara

already question profitability was inflection Our answered.

for tough growth your normal expectation question. anybody current is lines what from one during So longer-term environment, for grow reasonable the a us. just volume to in this is product volumes I it's across while inflationary the Perhaps guess times.

what winner's a to brand guys really with You penetration. and have household awareness appears high curse be

So those drives incremental we're curious what volumes.

Lance Mitchell

we've So to a road levels fair formation household not as performing with algorithm we single said changed which is overall the and since on show, digits, categories as then Low use versus model. of staples is growth and at pre-pandemic our volume household really the the now of what our has most for products. a and been use

Operator

we've call our time, of over session. I'll turn to remarks. the question-and-answer Lance reached closing Mitchell end this for At the

Lance Mitchell

Well, operator, for questions thank in thank you, interest everyone, our and your your business. and you,

want thank of to been our plan. a really you of our They’ve Reynolds an I’m the to employees that’s the to of job, done BU focused outstanding and recovery I extend execution and on them. team sincere proud all

We’re updating off to forward look I to a good further the you start in you. throughout year. and Thank XXXX,

Operator

today's conference. Thank you. does This conclude

disconnect You your participation. lines at Thank you may this time. for your

Reynolds Consumer Products (REYN) 10 May 232023 Q1 Earnings call transcript