MeadWestvaco reports loss on restructuring charges

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MeadWestvaco Corp. reported a increase in sales in the third quarter but ended the quarter with a loss because of charges associated with the sale of its media and entertainment business.

The Richmond-based packaging and paper company said sales rose 3 percent to $1.56 billion in the third quarter, compared with $1.51 billion in the same period the year before. MWV reported a loss of $15 million for the quarter, compared with a $128 million profit last year.

MWV sold its media and entertainment business for $68 million in cash on Sept. 30, which resulted in an after-tax loss of $122 million.

Profit from continuing operations increased 15 percent to $225 million, compared with $196 million in the quarter last year.

In the third quarter, the company reported higher sales in its packaging resources, consumer and office products, and specialty chemicals segments. It reported lower volumes in its consumer solutions and community development and land management segments.

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