reported fourth-quarter earnings today that beat analysts' lowered estimates by 2 cents, despite a decline in income from the previous year.
For the fourth quarter ended Dec. 31, Mead earned $18.7 million, or 19 cents a diluted share, excluding items, down from $39 million, or 38 cents a share, in the same period one year ago. Ten analysts polled by
First Call/Thomson Financial
expected the company to report 17 cents a share.
Mead, a paper and wood products maker, cited the slowing economy, rising energy costs and the strong U.S. dollar as factors in the earnings decline, echoing the sentiments from
earlier this week and
The company, which is based in Dayton, Ohio, posted fourth-quarter revenue of $1.04 billion, up from $998.6 million in the year-ago period.