MeadWestvaco profit narrowly tops estimates

(Reuters) - Packaging producer MeadWestvaco Corp (MWV.N) posted a higher-than-expected adjusted fourth-quarter profit, but sales were little changed as U.S. and European customers held off major purchases due to economic concerns.

Packaging demand for beauty products slipped and was offset primarily by packaging for food, drinks and health products.

MeadWestvaco warned that the demand dip, as well as rising supply costs, would push its profit lower in the current quarter.

Chief Executive John Luke said in a statement on Wednesday that the company is aggressively forging new relationships with food producers and other large customers, and investing in new technology.

For the fourth quarter, the company posted a net loss of $15 million, or 9 cents per share, compared with net income of $47 million, or 28 cents per share, in the year-ago period.

Excluding charges related to the company's spin-off of its office products division and other one-time items, MeadWestvaco earned 26 cents per share. On that basis, analysts expected 25 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose less than 1 percent to $1.5 billion. Analysts expected $1.47 billion.

(Reporting by Ernest Scheyder; editing by John Wallace)