MeadWestvaco Earnings: EXCEEDS Estimates
S&P 500 (NYSE:SPY) component MeadWestvaco Corporation (NYSE:MWV) reported its results for the second quarter. MeadWestvaco provides packaging solutions to clients in the healthcare, personal and beauty care, food, beverage, tobacco, media and entertainment, and home and garden industries.
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MeadWestvaco Corporation Earnings Cheat Sheet
Results: Net income for MeadWestvaco Corporation fell to $88 million (50 cents per share) vs. $89 million (51 cents per share) a year earlier. This is a decline of 1.1% from the year-earlier quarter.
Revenue: Rose 2.9% to $1.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: MeadWestvaco Corporation beat the mean analyst estimate of 39 cents per share. It fell short of the average revenue estimate of $1.43 billion.
Quoting Management: “We continue to successfully execute our profitable growth strategy and navigate through a difficult economic environment,” said John A. Luke, Jr., chairman and chief executive officer of MWV.
“In many cases we are outperforming the broader market with our strategy targeting end markets and geographies with our differentiated solutions.”
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 34 cents versus a mean estimate of net income of 24 cents per share.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 58 cents a share to 46 cents over the last ninety days. The average estimate for the fiscal year is $1.45 per share, down from $1.72 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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