MWV’s quarterly profit drops 55 percent
- October 29, 2008
Richmond-based MeadWestvaco (MWV) reported a 55 percent drop in its net income during the third quarter because of higher costs, downtime during storms along the Gulf Coast, and the weak dollar.
The paper and packaging company’s profit was $54 million, or 31 cents per share, down from $121 million during the same three-month period a year before. Analysts had
Revenue rose 7.9 percent during the quarter to $1.8 billion.
The company also expects a lower year-over-year profit during the fourth quarter because of the rising cost of raw materials and weakening demand for its beverage and personal care products.