Jul 31, 2012. /Lesprom Network/. MeadWestvaco Corporation (MWV) reported a 3.5% sales increase for the 2Q 2012, reflecting increased volumes of higher value products in targeted packaging and specialty chemical end markets, as well as increased land sales. Sales from continuing operations in the 2Q 2012 were $1.42 billion compared to $1.38 billion in the 2Q 2011, as the company said in the press release received by Lesprom Network. Income from continuing operations of $78 million, or $0.44 per share ($82 million or $0.46 per share ex-items) was up 13% versus the prior year. The company’s profit improvement was driven primarily by higher volumes, pricing and product mix improvement, productivity gains, and higher earnings from land sales. “We continue to successfully execute our profitable growth strategy and navigate through a difficult economic environment,” said John A. Luke, Jr., Chairman and CEO of MWV. “In many cases we are outperforming the broader market with our strategy targeting end markets and geographies with our differentiated solutions.” Luke continued, “Our steady progress can be traced directly to our focus on four strategic pillars – commercial excellence, insights-driven innovation, emerging markets growth, and expanded participation with new technologies. We did well in each of these areas during the second quarter, and continue to believe that it is the right strategy for long-term profitable growth.” “We are financially strong, generating positive cash flow, returning value to shareholders, and investing in our profitable growth initiatives – all while steering through a number of challenging factors in the external environment. Though we expect a continued slowdown in economic activity through the second half of the year, we are confident that success with our profitable growth strategy, coupled with disciplined execution on the controllable elements of our business, will enable us to continue to make steady progress,” Luke concluded. In the 3Q 2012, MWV expects earnings to be lower compared to year-ago levels on a continuing operations basis due to weakening global demand, unfavorable foreign currency and lower land sales. Start-up expenses related to the new paperboard machine in Brazil will also significantly impact Industrial segment third quarter earnings. The new machine will begin operating at the end of July 2012 and is expected to contribute significant earnings and cash flow in 2013. This, along with sustained momentum with its profitable growth strategy that includes commercial excellence, innovation, emerging markets, and expanded participation with new technologies, gives MWV confidence in achieving its 3 to 5 year performance goals of 5%-plus annual sales growth and 7% to 10% annual earnings growth. MeadWestvaco Corporation (MWV) provides packaging solutions to many of the world’s most-admired brands in the healthcare, beauty and personal care, food, beverage, home and garden, and tobacco industries.