The Shadow
RICHMOND — MeadWestvaco Corp. on Tuesday reported increased sales and earnings for the third quarter of 2013.
The company said growth in targeted packaging and specialty chemicals markets, increased land sales, as well as overhead cost savings sparked the improved results.
Sales from continuing operations in the third quarter were $1.43 billion compared to $1.40 billion in the third quarter of 2012.
Income from continuing operations attributable to the company in the third quarter of 2013 was $80 million, or 44 cents per share. Income from continuing operations attributable to the company in the third quarter of 2012 was $67 million, or 38 cents per share.
Adjusted income from continuing operations attributable to the company excluding special items was $88 million or 49 cents per share for the third quarter of 2013 compared to $69 million or 39 cents per share for the third quarter of 2012.
The company said it grew volumes of medical, fragrance and personal care pumps and dispensers, and had share gains in food and beverage packaging.
Sales and earnings in the company’s industrial packaging business benefited from higher pricing in Brazil, and the Specialty Chemicals business had strong volume growth in innovative products for global asphalt, adhesives and oilfield markets, as well as contribution from the recently acquired specialty chemicals business in Brazil.
“Good progress with our profitable growth strategies across our businesses help-ed us deliver improved sales and earnings in an environment of still sluggish consumer demand and increased volatility in emerging markets,” said John A. Luke Jr., chairman and chief executive officer, MWV. “We continue to outperform in targeted packaging and specialty chemicals markets with differentiated participation strategies and a focus on commercial excellence and innovation. We are also realizing benefits from our major growth and productivity investments, and the new biomass boiler we started at our Covington paperboard mill will meaningfully contribute to productivity going forward.”
