WASHINGTON (dpa-AFX) - MeadWestvaco Corp. (MWV) reported first quarter profit of $49 million or $0.28 per share, down from $65 million or $0.38 per share last year.
Adjusted income from continuing operations was $60 million, or $0.34 per share, lower than $75 million, or $0.43 per share, in the year ago quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share. Analysts' estimates typically exclude special items.
Net sales grew to $1.42 billion from $1.37 billion a year ago. Analysts estimated revenues of $1.38 billion.
The company posted four percent sales increase, reflecting higher volumes in targeted markets for food, beverage, home and garden, and healthcare packaging as well as increased volumes of higher value specialty chemical solutions.
Moving ahead, in the second quarter, the company expects earnings to be modestly lower compared to year-ago levels on a continuing operations basis. The company expects continued momentum with its profitable growth strategies focused on commercial excellence, innovation and emerging markets to help offset continued weak demand in developed markets (particularly in Europe).
MeadWestvaco remains confident in achieving its 3 to 5 year performance goals of 5 percent-plus annual sales growth and 7 to 10 percent annual earnings growth.
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