July 25, 2012 / 11:53 AM / 5 years ago

MeadWestvaco profit beats Street

* Q2 adj EPS $0.46 vs est $0.39

* Q2 rev up 3 pct at $1.42 bln

July 25 (Reuters) - Packaging producer MeadWestvaco Corp reported a better-than-expected second-quarter profit on strong demand from specialty chemical customers and increased land sales.

MeadWestvaco makes packaging for perfume bottles, shampoo, electronics, food and other common goods, as well as paper and some chemicals.

Net income rose to $78 million, or 44 cents per share, in the second quarter, from $69 million, or 40 cents per share, a year earlier.

Excluding items, the company earned 46 cents per share.

Revenue rose 3 percent to $1.42 billion.

Sales at its specialty chemicals segment rose 14 percent to $246 million. Sales at its community development and land management rose 87 percent to $56 million.

Analysts had expected earnings of 39 cents per share on revenue of $1.43 billion, according to Thomson Reuters I/B/E/S.

MeadWestvaco shares closed at $27.92 on Tuesday on the New York Stock Exchange. The stock has gained 38 percent in the last nine months.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below