MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and packaging solutions, reported improved results and EBITDA margin expansion in all packaging businesses in the first quarter of 2014 compared to the first quarter of 2013 (see table below). As a result, total company EBITDA ex-items increased 24% to $191 million, or 14% of sales. Refer to the “Use of Non-GAAP Measures” section of this release for further information.
|EBITDA ($MM)||Δ vs. prior year||EBITDA Margin||Δ vs. prior year|
|Food & Beverage||$109||+15%||14.3%||+180 bps|
|Home, Health & Beauty||29||+45%||14.1%||+350 bps|
|Specialty Chemicals||59||+2%||25.4%||-30 bps|
"We are focused on ensuring that continued progress with our profitable growth strategy becomes even more evident in our bottom line performance, aiming for market-leading margins in each business," said John A. Luke Jr., chairman and chief executive officer, MWV. "Through disciplined execution of our strategy, we more than doubled earnings per share compared to the first quarter last year, and increased profitability in each of our packaging businesses.