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.