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MeadWestvaco’s 2nd quarter profit down 19 percent

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Associated Press

Wednesday, July 31, 2013

RICHMOND — MeadWestvaco Corp. said Tuesday an extended outage at its Virginia paperboard mill and lackluster sales dragged second-quarter profit down 19 percent.

The Richmond packaging company, which has a mill in Covington, reported earnings of $71 million, or 39 cents per share, for the period ended June 30. That’s down from $88 million, or 50 cents per share, a year ago.

On an adjusted basis, MeadWestvaco earned 37 cents per share, beating Wall Street average estimate of 28 cents per share.

Revenue increased less than a percent to $1.43 billion.

Saturday, September 14, 2013