- MeadWestvaco reported third quarter 2008 earnings, with total sales up 8% versus the prior year, driven by 9% growth in their packaging segments.
- While price and mix improvements offset some input cost inflation, higher costs for energy, raw materials, and freight more than offset these gains.
- Segment results were mixed - Packaging Resources saw strong bleached board shipments but higher costs reduced profits, while Consumer Solutions had sales growth but input inflation increased costs.
- The company has a strong cash position but is taking actions to improve profitability and increase cash flow given current economic conditions.
The Rethinking US Agricultural Policy: Changing Course to Secure Farmer Livelihoods Worldwide slideshow gives a brief overview of policy barriers farmers face and smart solutions.
The Rethinking US Agricultural Policy: Changing Course to Secure Farmer Livelihoods Worldwide slideshow gives a brief overview of policy barriers farmers face and smart solutions.
WARDA is the software platform that allows Luxury, Fashion & Retail companies to manage their digital assets to improve the activities during product development, marketing, visual merchandising and e-commerce.
Digital asseta are a huge value that are often not valued because unrecoverable, not accessible, not shared and managed in a very personal way. Digital data are critical to the business and provide huge efficiency if managed properly.
WARDA is an Italian software house that has significant experience in this field arising directly from major projects for companies in the fashion market, luxury and retail.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the what'sapp contact of my personal pi merchant below. 👇
+12349014282
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
1. Third Quarter 2008 Earnings Report
October 29, 2008
John A. Luke, Jr.
Chairman and CEO
James A. Buzzard
President
E. Mark Rajkowski
Senior Vice President and CFO
Results presented on a continuing operations basis
2. Forward-looking Statements
Certain statements in this document and elsewhere by management of the company that are neither reported
financial results nor other historical information are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook,
assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies
and contemplated transactions of the company. Such forward-looking statements are not guarantees of future
performance and are subject to known and unknown risks, uncertainties and other factors which may cause or
contribute to actual results of company operations, or the performance or achievements of each company, or
industry results, to differ materially from those expressed or implied by the forward-looking statements. In addition
to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties, and other factors
that could cause or contribute to actual results differing materially from those expressed or implied for the forward-
looking statements include, but are not limited to, events or circumstances which affect the ability of
MeadWestvaco to realize improvements in operating earnings from the company’s ongoing cost reduction
initiatives; the ability of MeadWestvaco to close announced and pending transactions, including divestitures; the
reorganization of the company’s packaging business units; competitive pricing for the company’s products; impact
from inflation on raw materials, energy and other costs; fluctuations in demand and changes in production
capacities; changes to economic growth in the United States and international economies; government policies and
regulations, including, but not limited to those affecting the environment and the tobacco industry; the company’s
continued ability to reach agreement with its unionized employees on collective bargaining agreements; the
company’s ability to execute its plans to divest or otherwise realize the greater value associated with its land
holdings; adverse results in current or future litigation; currency movements; continued volatility and further
deterioration of the capital markets; and other risk factors discussed in the company’s Annual Report on Form 10-K
for the year ended December 31, 2007, and in other filings made from time to time with the SEC. MeadWestvaco
undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information,
future events or otherwise. Investors are advised, however, to consult any further disclosures made on related
subjects in the company’s reports filed with the SEC.
2 Third Quarter 2008 Earnings Report
3. Third Quarter 2008 Key Points
• Total sales up 8%; combined packaging segment sales up 9% driven by global
growth in bleached board, beverage, home and garden and healthcare packaging
• Total sales outside the U.S. of 46% driven in part by strong emerging markets
growth of 19%
• Price/mix improvement realized across all businesses more than offset by
historically high input costs
• Downtime related to the Gulf storms impacted productivity
• Adjusted SG&A* as a percentage of sales down 90 bps to 12%
• Strong cash and liquidity position; pension fund remains over-funded
• Taking actions to improve profitability and increase cash flow
* See slide 13 for definition of Adjusted SG&A
3 Third Quarter 2008 Earnings Report
5. Inflation Trend – Total Company by Major
Category
20%
16%
12%
8%
4%
0%
Other Raw Mat.
Wood
Energy Freight
Q1 08 vs. 07 5.1% 9.7% 4.6% 4.2%
Q2 08 vs. 07 16.1% 11.0% 5.2% 6.3%
Q3 08 vs. 07 18.9% 14.5% 7.8% 7.4%
5 Third Quarter 2008 Earnings Report
6. MWV Land Segmentation – 815,000 Acres*
Rural land (520,000 acres)
• 100 to greater than 4,000 acres
• Timber investment, recreational and
conservation; forestry and lease income
from the properties
• Actively marketing over 100,000 acres of
rural land
• Available properties: www.mwvlandsales.com.
Development land (155,000 acres)
•Highest value tracts: master planning, entitling
and development activities for mixed use and
commercial and industrial purposes.
• Principally located in Charleston, South
Carolina
• Includes East Edisto: 72,000 acres bordering
Charleston (www.eastedisto.com)
Strategic resource (140,000 acres)
• Strategic fiber resource
• Mineral lease income potential
* Segmentation may change from time-to-time based on continuous evaluation of land for highest and best use
6 Third Quarter 2008 Earnings Report
7. Packaging Resources Segment Profit
$140
$29 ($51)
$120
$5
$100 $84
$ millions
($4)
$80 $1 $64
$60
$40
$20
$0
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• 9% SBS volume growth more than offset 11% CNK volume decline due to slower demand
for carbonated soft drink packaging in the back half of the quarter
• Strong bleached board shipments driven by aseptic packaging and commercial print volume
increases and by solid export volumes
• Price/mix improvement across major paperboard grades was more than offset by higher
input costs and hurricane-related downtime
• Rigesa performance driven by Brazilian domestic volume growth
7 Third Quarter 2008 Earnings Report
8. Bleached Board
Shipments: 434,000 tons in 3Q08, up 9% vs. 3Q07
Pricing: Up $52 per ton vs. 3Q07; +6%
Backlogs: Approximately 3 weeks
Coated Natural Kraft
Shipments: 266,000 tons in 3Q08, down 11% vs. 3Q07
Pricing: Up $23 per ton vs. 3Q07; +4%
Backlogs: Approximately 3 weeks
8 Third Quarter 2008 Earnings Report
9. Consumer Solutions Segment Profit
$40
$35
($12)
$1
$1
$30 $26
$25
$ millions
$2 ($3)
$20
($1) $14
$15
$10
$5
$0
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• Solid growth across beverage, home and garden and healthcare packaging partially offset
by a decline in personal care packaging
• Good global sales balance – 57% of sales outside the U.S.
• Input cost inflation driven by increased costs for plastic resins and paperboard
• Continuing to optimize asset base – consolidated North American personal care capacity
into Louisa, VA facility
9 Third Quarter 2008 Earnings Report
10. Consumer & Office Products Segment Profit
$60
($9)
$51 ($8)
$6
$50 ($4)
$2 $38
$40
$ millions
$30
$20
$10
$0
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• Volume declines in North American back-to-school categories due to lower retail orders
were partially offset by continued solid growth at Tilibra, the segment’s Brazilian business
• Price/mix and productivity improvement offset higher input costs, principally white paper
• Excellent planning and response to market conditions resulted in a clean inventory position
exiting Q3
10 Third Quarter 2008 Earnings Report
11. Specialty Chemicals Segment Profit
$35 $16 ( $10)
$30
$25
($1) ($3) $16
$16
$ millions
$20 ($2)
$15
$10
$5
$0
Pr
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• Solid performance chemicals sales more than offset by lower carbon volumes due declines
in North American automotive sales
• Performance chemical sales partially driven by a 63% increase from sales outside North
America
• Improved pricing and product mix was partially offset by higher input costs and downtime
and raw materials disruptions due the hurricanes
11 Third Quarter 2008 Earnings Report
12. Total Company – 3Q 08 vs. 3Q 07
Income from Continuing Operations Before Taxes
$250
$48 ($81)
$200
($5)
$ millions
$153
$25 ($79)
$150
$1
$100
($18)
$7 $51
$50
$0
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12 Third Quarter 2008 Earnings Report
13. Key Financial Information
3Q 2008 3Q 2007 Change
(In millions, pre-tax)
Sales $ 1,811 $ 1,678 8%
Adjusted Gross Profit 1 321 345 -7%
Adjusted SG&A 2 211 211 0%
Adjusted EBIT 3 93 145 -36%
Adjusted Gross Margin % 17.7% 20.6% (290) bps
Adjusted SG&A % 11.7% 12.6% (90) bps
Adjusted EBIT % 5.1% 8.6% (350) bps
1
Adjusted gross profit excludes restructuring charges and one-time costs of $16 million in the third quarter ended 2007
2
Adjusted SG&A expense excludes restructuring charges and one-time costs of $1 million and $10 million for the third quarter ended 2008 and 2007, respectively.
3
Adjusted EBIT excludes restructuring charges and one-time costs of $1 million and $26 million for the third quarter ended 2008 and 2007, respectively. Adjusted
EBIT also excludes the gain associated with the sale of land of $83 million for third quarter 2008. Adjusted EBIT excludes interest income of $11 million and $3
million for the third quarter ended 2008 and 2007, respectively.
13 Third Quarter 2008 Earnings Report
14. Adjusted SG&A* – 3Q 08 vs. 3Q 07
($10)
$250
$5 $5
$211 $211
$200
$ millions
$150
$100
$50
$0
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14 Third Quarter 2008 Earnings Report