MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and packaging solutions, reported improved results and EBITDA margin expansion in the second quarter of 2014 (see table below). The company generated particularly strong performance improvement in the Food & Beverage and Home, Health & Beauty segments, as well as record sales and earnings in the Specialty Chemicals segment. As a result, total company EBITDA ex-items increased 26% to $257 million, or 17.5% of sales. Refer to the “Use of Non-GAAP Measures” section of this release for further information.
|EBITDA ($MM)||Δ vs. prior year||EBITDA Margin||Δ vs. prior year|
|Food & Beverage||$147||+37%||17.4%||+410 bps|
|Home, Health & Beauty||$33||+43%||16.3%||+410 bps|
|Specialty Chemicals||$77||+12%||27.0%||+50 bps|
“The profitable growth we generated this quarter is the result of continued strong execution of our strategy,” said John A. Luke, Jr., chairman and chief executive officer, MWV. “We are generating above-market growth and improving our bottom-line financial performance, even against the backdrop of a challenging global economy. Across the global packaging and specialty chemicals markets we have targeted, we are driving higher pricing, share gains and product mix improvement – and delivering returns from our major investments and cost reduction initiatives as well.”