Reynolds Consumer Products Q1 Profit Up, Beats Estimates; Ups Annual EPS Outlook Above View - Update

(RTTNews) - (Adds Outlook)

Reynolds Consumer Products Inc. (REYN) has raised its full-year earnings outlook.

It now expects EPS in the range of $1.62 - $1.70, up from the previous outlook of $1.57 - $1.65.

On average, 8 analysts polled by Thomson-Reuters expect the company to report earnings of $1.61 per share.

Q1 Results:

Reynolds Consumer Products Inc. (REYN) announced earnings for its first quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $49 million, or $0.23 per share. This compares with $17 million, or $0.08 per share, in last year's first quarter.

Analysts on average had expected the company to earn $0.22 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 4.7% to $833 million from $874 million last year.

Reynolds Consumer Products Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $49 Mln. vs. $17 Mln. last year. -EPS (Q1): $0.23 vs. $0.08 last year. -Revenue (Q1): $833 Mln vs. $874 Mln last year.

-Guidance: Next quarter EPS guidance: $0.42-$0.46 Next quarter revenue guidance: $875 Mln-$900 Mln Full year revenue guidance: $3.53 Bln-$3.64 Bln