MeadWestvaco posts 4Q profit on higher sales:
MeadWestvaco says sales gains in its specialty chemicals business drove the packaging company to a fourth quarter profit.
The Richmond, Va., company reported earnings of $17 million, or 10 cents per share, for the three-month period ended Dec. 31, compared with a loss of $25 million, or 14 cents per share, in the final quarter of 2011. Adjusted for charges related to the spin-off of its consumer and office products business and other items, it earned 7 cents per share, far below the 18 cents per share analysts expected.
Revenue increased 4 percent to $1.33 billion.
