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news.MeadWestvaco (MWV), a provider of packaging solutions to many of the brands in the healthcare, beauty and personal care, food, beverage industries, has reported net sales of $1.4bn for the first quarter ended March 31, 2010, compared to $1.35bn for the comparable period in 2009.
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MWV has posted a net income of $24m for the first quarter of 2010, or $0.14 per diluted share, compared to net loss of $79m, or $0.46 per diluted share, for the comparable period in 2009.
In the packaging resources segment, profit improved to $30m in the first quarter of 2010, compared to $19m in the first quarter of 2009.
John Luke, chairman and CEO of MWV, said: “MWV delivered another solid earnings performance in the first quarter – our fourth consecutive quarter of year-overyear profit growth during this difficult economic period. This positive momentum comes directly from continued success with our strategic priorities focused on market participation choices and business model improvements.
“We have gained share with new and enhanced products in key markets in addition to some modest increases in overall demand, and benefited more fully from these growth opportunities from a streamlined manufacturing footprint and lower overhead costs. We will continue to drive our business with this disciplined strategic focus in order to maintain our current trajectory and further increase the value we deliver to shareholders.”