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S&P 500 (NYSE:SPY) component MeadWestvaco Corporation (NYSE:MWV) reported its results for the third 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 $51 million (38 cents per share) vs. $117 million (49 cents per share) a year earlier. This is a decline of 56.4% from the year-earlier quarter.
Revenue: Fell 1.1% to $1.4 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: MeadWestvaco Corporation reported adjusted net income of 39 cents per share. By that measure, the company fell in line with the mean estimate of 39 cents per share. It fell short of the average revenue estimate of $1.43 billion.
Quoting Management: “Our profitable growth strategy is working in the packaging and specialty chemicals end markets we have targeted,” said John A. Luke, Jr., chairman and chief executive officer. “We are building leading positions that are not only helping us outperform the broader market and demand trends we’re seeing today, but also providing a solid foundation from which we can deliver on our long-term performance goals.”
The company met estimates last quarter after topping forecasts in the previous quarter 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 fourth quarter has moved down from 58 cents a share to 46 cents over the last ninety days. At $1.45 per share, the average estimate for the fiscal year has fallen 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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