AP Business Writer
RICHMOND, Va. (AP) - MeadWestvaco says its fourth quarter profit jumped as it benefited from the sale of its forestry business and growth in its targeted packaging and specialty chemicals segments.
The Richmond, Va., company is reporting earnings of $681 million, or $3.79 per share, for the period ended Dec. 31. That compares with $17 million, or 10 cents per share, in the final quarter of 2012.
On an adjusted basis, MeadWestvaco earned 29 cents per share, beating Wall Street expectations by 5 cents.
Revenue increased 3 percent to $1.32 billion, matching analyst expectations.
In addition to targeted packaging and specialty chemicals, sales gains were recorded in its home health and beauty packaging and its food and beverage packaging segments.
MeadWestvaco Corp. operates in 30 countries and has customers in more than 100 nations.
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