MeadWestvaco says its third-quarter profit fell more than 56 percent from a year ago as the packaging company spun off its consumer and office products business in May.
The Richmond, Va., company on Tuesday reported earnings of $51 million, or 28 cents per share. That compares with $117 million, or 67 cents per share, a year ago.
Adjusted for restructuring charges and income from discontinued operations, it earned $67 million, or 39 cents per share, matching analyst expectations.
Revenue fell about 1 percent to $1.4 billion as gains in specialty chemicals couldn't offset declines in packaging for industrial, home, health and beauty products. It also saw declines in land sales. Analysts expected revenue of $1.41 billion.
MeadWestvaco Corp. operates in 30 countries and has customers in more than 100 nations.