Mead earnings tumble 67.3%
Dayton Business Journal
The weakened economy is taking its toll on Mead Corp.'s earnings, the paper and packaging producer said this morning.
Third quarter earnings dropped 67.3 percent, as demand for its products continued to decline, the Dayton-based manufacturer said.
Net earnings were $20.9 million, or 21 cents per share, before special items relating to its merger with Westvaco Corp. and shuttering its Atlanta mill, compared with $63.9 million, or 63 cents per share, for the same quarter last year.
The performance matches Thomson Financial/First Call projections of between 16 cents and 25 cents per share.
Mead said sales were $1.15 billion, slipping from $1.22 billion for the same period last year.
Net income was $19.2 million, or 19 cents per share, down from $59.8 million, or 59 cents per share, for last year's third quarter.
During the fourth quarter, Mead said it plans to continue to take market-related downtime of about 70,000 tons of coated paper and 15,000 tons of corrugating medium.
The company's specialty paper businesses also are expected to take market-related downtime during the period.
Mead, http://www.mead.com, was trading at $29.57 per share this morning on the New York Stock Exchange, a 28-cent boost from Tuesday's close.
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