Reynolds Consumer Products, Inc. (NASDAQ:REYN) stock is trading higher on Wednesday. The company reported earnings for the 2024 fiscal year second quarter and raised its guidance.

The Details: Reynolds reported adjusted EPS of 46 cents beating analyst estimates of 44 cents. In addition, Reynolds reported sales of $930 million beating analyst estimates of $891.11 million.

For the same period last year, Reynolds had reported net revenues of $940 million and adjusted EPS of 32 cents. The company also reported adjusted EBITDA of $172 million and net income of $97 million for the 2024 fiscal year second quarter.

"Strong retail revenue performance in each of our business units resulted in RCP outperforming our categories during the quarter," said Lance Mitchell, CEO and president of Reynolds Consumer Products.

"As a result, we delivered another quarter of strong financial results demonstrating our marketplace leadership as well as our effectiveness in driving operational excellence. We are commercializing and expanding our strong innovation pipeline, unlocking Reyvolution programs to reduce operational costs and investing in strategic opportunities to drive long term growth."

The company raised guidance for the 2024 fiscal year. Reynolds now sees adjusted EPS from $1.65 to $1.71 versus analyst estimates of $1.67. Reynolds previously expected adjusted EPS between $1.62 and $1.70.

Reynold now anticipates net revenues from $3.59 billion to $3.67 billion versus analyst estimates of $3.60 billion. The company previously expected net revenues from $3.53 billion to $3.64 billion.

In addition, the company set guidance for the third quarter. Reynolds expects net revenues of $885 million to $915 million versus analyst estimates of $898.36 million and adjusted EPS from 39 cents to 43 cents versus analyst estimates of 40 cents.

REYN Price Action: Reynolds stock is trading 8.09% higher at $30.88 at the time of writing per data from Benzinga Pro.

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