MWV Reports $1,432m Q2 Sales Driven By Packaging Segment

MeadWestvaco Corporation (MWV) reported positive second quarter earnings with year-over-year profit growth in the majority of the company’s business segments despite lower overall demand. Net sales for the quarter ended June 30, 2009 are $1,432m compared to the $1,709m for the same quarter of previous year.

The company posted a net income of $125m, or $0.72 per share, compared to $56m, or $0.33 per share, in the second quarter of 2008.

The packaging resources business segment of the company reported sales were $614m, in the consumer solutions business segment sales were $554m, in the consumer & office products business segment were $234m, in the specialty chemicals business sales were $116m and the segment community development and land management business sold approximately 1,700 acres for gross proceeds of $4.5m, the company reported.

John Luke, chairman and chief executive officer, said: “Our deliberate strategic actions to generate higher returns for shareholders are working. We are encouraged by the positive results we delivered during the second quarter in what remains a very difficult environment, and expect an even more significant impact from the intentional execution of our strategy when the economy improves.

“We are increasing the value we deliver to shareholders by making disciplined choices about our participation in key markets, and by strengthening our business model with permanent cost reductions and ongoing operating productivity. In conjunction with our priority emphasis on innovative solutions and growth in emerging markets, these efforts are helping us continue to deliver on our commitments – and shape the direction of our company for the future.”