Share “Packaging company MeadWestvaco's 1Q profit...”

Packaging company MeadWestvaco's 1Q profit jumps

Published on NewsOK Modified: April 30, 2014 at 12:16 pm •  Published: April 30, 2014

RICHMOND, Va. (AP) — MeadWestvaco says its first-quarter profit jumped as it saw healthier sales from its home health and beauty and industrial packaging segments.

The Richmond, Va., company also benefited from the comparison with a year-ago when restructuring charges dragged down results.

MeadWestvaco is reporting earnings of $31 million, or 18 cents per share, for the period ended March 31. That compares with $11 million, or 6 cents per share, a year ago

On an adjusted basis, MeadWestvaco earned 23 cents per share, missing Wall Street expectations by a penny.

Revenue increased 1 percent to $1.32 billion, matching analyst expectations.

Sales gains also were recorded in its specialty chemicals, food and beverage and targeted packaging segments.

MeadWestvaco Corp. operates in 30 countries and has customers in more than 100 nations.