MeadWestvaco boosts income on alternative-fuel tax credit
- July 30, 2009
Richmond-based MeadWestvaco more than doubled its quarterly net income on a tax credit for using alternative fuels for its operations.
The specialty packaging company reported net income of $125 million, compared with $56 million the year before. It received a $112 million tax credit for using alternative fuels.
The company’s net income was up even while revenues were down across its segments. Quarterly revenues declined to $1.4 billion, compared with $1.7 billion during the year before.
“We are encouraged by the positive results we delivered during the second quarter in what remains a very difficult environment, and expect an even more significant impact from the intentional execution of our strategy when the economy improves,” MeadWestvaco Chairman and CEO John Luke said in a statement.