MWV Reports Third Quarter 2008 Results
Richmond, Virginia-based MeadWestvaco Corporation reported third quarter 2008 income from continuing operations of $46 million, or $0.26 per share. Sales from continuing operations increased 8 percent to $1.81 billion in the third quarter of 2008 compared to $1.68 billion in the third quarter of 2007. Overall sales increased due to growth in bleached board; home, garden and beverage packaging; as well as improved pricing across all businesses. Profitability, however, was lower due to historically high input cost inflation, downtime due to the Gulf storms (which negatively impacted year-over-year productivity improvement in the quarter) and the effects of unfavorable foreign currency exchange.
“We are taking aggressive steps to ensure that MWV is successful during this period of economic difficulty–including actions to combat rapid input cost inflation and prepare for weaker demand in some of our markets,” said John A. Luke, Jr., chairman and CEO of MWV. “We are focused on the elements of our business plan that we can control–growth initiatives, commercial success, price recovery, productivity and cash generation. Even as we adjust to the emerging economic and market realities, we have confidence in the fundamental strength of our company, our global packaging markets and in the long-term profitable growth strategies we are implementing to capture those opportunities to continue to deliver shareholder value,” concluded Luke.
For more information on MWV, visit www.meadwestvaco.com
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