MWV Reports Record First Quarter Earnings

MeadWestvaco Corporation MWV reported record first quarter earnings from continuing operations of $71 million, or $0.41 per share ($0.43 ex-items). The company increased revenue by eight percent with gains in packaging markets for food, home and garden and tobacco, as well as poultry and produce markets in Brazil, and industrial, infrastructure and energy markets for specialty chemicals. Overall earnings increased compared to the prior year driven by strong profit growth from its packaging, specialty chemicals and land management businesses. Total pre-tax earnings from the company's segments increased 81 percent to $195 million in the first quarter of 2011 from $108 million in the first quarter of 2010.