Meadwestvaco Q1 Profit Climbs; Sees Higher Earnings In Q2 - Quick Facts

(RTTNews) - Meadwestvaco Corp (MWV), a packaging and packaging solutions provider, reported Wednesday that its first-quarter net income attributable to the company was $31 million or $0.18 per share. In the prior year, attributable net income was $11 million or $0.06 per share, while loss from continuing operations was $1 million or $0.01 per share.

Excluding special items, first-quarter income was $39 million or $0.23 per share. The prior year's adjusted income from continuing operations was $16 million or $0.09 per share.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales were $1.32 billion, compared to $1.31 billion in the first quarter of 2013. Analysts estimated revenues of $1.36 billion for the quarter.

The company recorded EBITDA margin expansion in all packaging businesses, with which total company EBITDA ex-items increased 24 percent to $191 million or 14 percent of sales.

Looking ahead for the second quarter, the company expects earnings excluding special items to be well above last year, despite anticipated negative impacts from the cost of raw materials and currency weaknesses.

Analysts expect earnings of $0.51 per share.