AP Business Writer
RICHMOND, Va. (AP) -- MeadWestvaco says restructuring charges dragged first-quarter profits down more than 77 percent at the packaging company, despite rising sales.
The Richmond, Va., company reported earnings of $11 million, or 6 cents per share, down from $50, or 28 cents per share, a year ago.
Excluding one-time items, MeadWestvaco earned 16 cents per share, still well short of the 23 cents per share analysts had expected.
Revenue increased about 2 percent to $1.34 billion, just shy of the $1.36 billion that Wall Street was looking for.
The company said Tuesday that it's exiting its beauty and personal care folding carton business in Europe and Brazil, undertaking a cost-reduction plan and evaluating its land management business.
MeadWestvaco Corp. operates in 30 countries and has customers in more than 100 nations.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.