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TheStreet Open House

MWV Reports Third Quarter Volume Growth And Solid Earnings Performance

MeadWestvaco Corporation (NYSE:  MWV), a global leader in  packaging and packaging solutions, announced third quarter 2012 sales of $1.40 billion, which is essentially unchanged versus the third quarter of 2011. The company had solid volume growth, improved pricing and favorable product mix, which were offset by the impact of unfavorable foreign currency exchange and lower land sales. The company's overall volume grew approximately 3 percent, led by gains in markets for corrugated packaging in Brazil, retail food and beverage packaging in North America, and healthcare adherence packaging and plastic medical dispensers, as well as by increased sales of specialty chemicals for asphalt paving and oilfield drilling markets.

Income from continuing operations was $67 million, or $0.38 per share ($69 million or $0.39 per share ex-items). Higher volumes, pricing and product mix improvements, and productivity gains were more than offset by unfavorable foreign currency exchange and lower earnings from land sales.

“Our profitable growth strategy is working in the packaging and specialty chemicals end markets we have targeted,” said John A. Luke, Jr., chairman and chief executive officer. “We are building leading positions that are not only helping us outperform the broader market and demand trends we're seeing today, but also providing a solid foundation from which we can deliver on our long-term performance goals."

Luke continued, “The profitable growth we are generating is the direct result of a relentless focus on four strategic priorities – commercial excellence, insights-driven innovation, emerging markets growth and expanded participation. Progress in each of these areas across our business, along with benefits from our significant expansion in Brazil and ongoing productivity programs, will continue to drive MWV forward through the challenging external environment we are still facing in the near-term.”

Quarterly Comparison

Sales from continuing operations in the third quarter of 2012 were $1.40 billion compared to $1.41 billion in the third quarter of 2011. Income from continuing operations in the third quarter of 2012 was $67 million, or $0.38 per share, and included after-tax restructuring charges of $2 million, or $0.01 per share. Income from continuing operations in the third quarter of 2011 was $85 million, or $0.49 per share, and included after-tax restructuring charges of $4 million, or $0.02 per share. Adjusted income and adjusted earnings per share from continuing operations, excluding after-tax restructuring charges, were $69 million, or $0.39 per share, for the third quarter of 2012 compared to $89 million, or $0.51 per share, for the third quarter of 2011. Please refer to the “Use of Non-GAAP Measures” section of this release.

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