MeadWestvaco second-quarter profit rises 2.8 percent, beats forecast

MarketsAssociated Press

MeadWestvaco Corp. (MWV) on Wednesday reported net income that rose by 2.8 percent in its second quarter, and topped analysts' expectations.

The Richmond, Virginia-based company said profit increased to $73 million, or 43 cents per share, from $71 million, or 39 cents per share, in the same quarter a year earlier.

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Earnings, adjusted for restructuring costs, were 53 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 50 cents.

The packaging company said revenue climbed 5.5 percent to $1.47 billion from $1.39 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $1.44 billion, according to Zacks.

In morning trading, shares declined 78 cents to $42.04.