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MWV Reports Third Quarter Results

Stocks in this article: MWV

MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and packaging solutions, reported increased sales and earnings for the third quarter of 2013. Growth in targeted packaging and specialty chemicals markets, increased land sales, as well as overhead cost savings drove the company’s improved results. The company grew volumes of medical, fragrance and personal care pumps and dispensers, and had share gains in food and beverage packaging. Sales and earnings in the company’s Industrial packaging business benefited from higher pricing in Brazil, and the Specialty Chemicals business had strong volume growth in innovative products for global asphalt, adhesives and oilfield markets, as well as contribution from the recently acquired specialty chemicals business in Brazil.

“Good progress with our profitable growth strategies across our businesses helped us deliver improved sales and earnings in an environment of still sluggish consumer demand and increased volatility in emerging markets,” said John A. Luke, Jr., chairman and chief executive officer, MWV. “We continue to outperform in targeted packaging and specialty chemicals markets with differentiated participation strategies and a focus on commercial excellence and innovation. We are also realizing benefits from our major growth and productivity investments, and the new biomass boiler we started at our Covington, Virginia, paperboard mill will meaningfully contribute to productivity going forward. The commercial and operating momentum we have reestablished this quarter positions us well for the balance of this year and 2014.”

Quarterly Comparison

Sales from continuing operations in the third quarter of 2013 were $1.43 billion compared to $1.40 billion in the third quarter of 2012. Income from continuing operations attributable to the company in the third quarter of 2013 was $80 million, or $0.44 per share. Income from continuing operations attributable to the company in the third quarter of 2012 was $67 million, or $0.38 per share.

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