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MeadWestvaco second-quarter profit rises 2.8 percent, beats forecast

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RICHMOND, Virginia — MeadWestvaco Corp. (MWV) on Wednesday reported net income that rose by 2.8 percent in its second quarter, and topped analysts' expectations.

The Richmond, Virginia-based company said profit increased to $73 million, or 43 cents per share, from $71 million, or 39 cents per share, in the same quarter a year earlier.

Earnings, adjusted for restructuring costs, were 53 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 50 cents.

The packaging company said revenue climbed 5.5 percent to $1.47 billion from $1.39 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $1.44 billion, according to Zacks.

In morning trading, shares declined 78 cents to $42.04.

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