Profit for MeadWestvaco

Improved demand and cost controls have helped MeadWestvaco to swing to profit in Q2.

The company reported net earnings of $48 million, or EPS of $0.24, compared to a loss of $7 million, or $0.04 per share, a year earlier. Sales rose nine per cent to reach $2.1 billion.

CEO John Luke said: "Our second quarter performance demonstrates the earnings power of our platform and the efforts we have taken since the merger to realise our return potential.

"We are witnessing encouraging demand trends, with growing backlogs and improving prices in many of our businesses."

Stamford (CT)