MeadWestVaco swings to 1st-quarter loss |
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Wed, 02 May 2007 15:24
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RICHMOND, Va. (AP) - Packaging company MeadWestvaco Corp. on Wednesday said it swung to a loss in the first quarter, weighed down by charges and higher raw material costs.The quarterly loss totaled $16 million, or a 9 cents per share, versus a profit of $3 million, or 2 cents per share during the year-ago period. Results include a restructuring charge of 5 cents per share related to layoff and retirement costs and facility closures and a charge of 2 cents per share from a cost-saving initiative.Revenue rose 8 percent to $1.55 billion from $1.43 billion a year ago.Analysts polled by Thomson Financial expected net income of 3 cents per share on revenue of $1.55 billion.The company said operating profit from its primary business segment grew 20 percent to $77 million, from $64 million a year ago, helped by higher selling prices and improved productivity, as well as results from Calmar, its plastic pumps and dispenser business.That offset lower volume and higher costs for energy, freight and raw materials.Shares fell 9 cents to $33.39 during premarket electronic trading, after closing Tuesday at $33.48 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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MeadWestvaco CEO gets $7.1M in 2006 