Why Reynolds Consumer Products Stock Fell 8.7% Today
Shares of Reynolds Consumer Products (NASDAQ: REYN) fell as much as 10.6% on Wednesday. The maker of Reynolds Wrap aluminum foil, Hefty trash bags, and other familiar household products recovered somewhat to end the day 8.7% below Tuesday's closing price. Investors were not impressed by Reynolds' second-quarter earnings report.
Net revenues rose 6% year over year to $798 million. Adjusted earnings stopped at $0.55 per diluted share. Management didn't provide a comparable metric for the year-ago period, though adjusted earnings before interest, taxes, depreciation, and amortization rose 14% to $193 million. Your average Wall Street analyst expected adjusted earnings near $0.52 per share on sales in the vicinity of $853 million.
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Source Fool.com
