Wednesday, MeadWestvaco Corp. (MWV) reported fourth-quarter net income of $51 million or $0.29 per share, compared to a loss of $16 million or $0.09 per share in the same quarter last year. The results for the quarter include net favorable after-tax items totaling $13 million, or $0.07 per share.
On an adjusted basis, net income was $0.22 per share, compared to net income of $0.10 per share in the prior year quarter.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter were $1.64 billion, compared to $1.60 billion in the comparable quarter last year. Sales increased two percent as favorable foreign currency exchange was partially offset by lower volumes. Analysts expected the company to report revenue of $1.52 billion for the quarter.
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