meadwestvaco corp (MWV) Snapshot

MeadWestvaco Corporation announced the launch of VersaPlast(TM), MWV's first all-plastic trigger sprayer for the North America Home & Garden industry. MWV's all-plastic VersaPlast. Lighter in weight compared to other sprayers in the market. The all-plastic VersaPlast is lighter in weight compared to other sprayers on the market, which over time equates to lighter shipping weights and reduced costs and carbon footprint for brands. The versatile trigger sprayer's unique design includes a door foamer nozzle option allowing the user to choose either foam or spray dispensing, depending on their application needs and preferences. Additionally, the ergonomic design with the easy-grip Ergo Trigger provides more comfort for the user.

MeadWestvaco Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $1,344 million compared to $1,313 million a year ago. Income from continuing operations before income taxes was $11 million compared to $81 million a year ago. Income from continuing operations was $12 million compared to $51 million a year ago. Net income attributable to the company was $11 million or $0.06 per diluted share compared to $49 million or $0.28 per diluted share a year ago. Income from continuing operations attributable to the company was $11 million or $0.06 per diluted share compared to $50 million or $0.29 per diluted share a year ago. Adjusted income and adjusted earnings per share from continuing operations, excluding after-tax restructuring charges, were $29 million, or $0.16 per share, for the first quarter of 2013 compared to $57 million, or $0.33 per share, for the first quarter of 2012. Cash flow used in operating activities from continuing operations was about $90 million in the first quarter of 2013 compared to $86 million in the first quarter of 2012. The usage reflects the company's working capital needs for the peak selling seasons across many of its packaging and specialty chemicals end markets. Capital spending from continuing operations was $114 million in the first quarter of 2013 compared to $149 million in the first quarter of 2012. The decline primarily reflects lower investment related to the company's business expansion in Brazil, which was substantially completed in 2012. Adjusted EBIT was $75 million compared to $127 million last year on the same basis. There were several significant factors that reduced earnings year-over-year, including approximately $20 million of unexpected impacts related to outages, weather-related sales declines, higher resin costs and weaker earnings in European folding carton business. The quarter was also negatively impacted by the planned ramp-up of Brazil expansion, weaker price and mix in Food & Beverage segment and unfavorable foreign exchange. In the second quarter of 2013, the company expects earnings to be lower compared to year-ago levels on a continuing operations basis. The company expects continued momentum with its profitable growth strategies to drive volume improvement across its targeted Packaging and Specialty Chemicals businesses. In addition, the company is expecting to generate product pricing improvement and to benefit from its recent acquisitions in the Industrial and Specialty Chemicals businesses. These benefits are expected to be more than offset by a planned major cold outage at the Covington, Virginia paperboard mill and lower land sales. Outlook for capital expenditure in 2013 continues to be $475 million to $525 million with the $50 million range representing more discretionary growth capital that will deploy opportunistically depending on market developments.

MeadWestvaco Corporation (NYSE:MWV) is planning to sell its beauty and personal care folding carton business in Europe and Brazil. In Europe, MeadWestvaco plans to sell the business. In Brazil, MeadWestvaco will repurpose its folding carton operation during the second half of 2013 to manufacture high value, differentiated beauty and personal care dispensing products. MeadWestvaco’s first-quarter profit fell 78% to $11 million, or $0.06 per share versus $49 million, or $0.28 per share a year earlier.