MeadWestvaco registered a better-than-expected fourth-quarter profit. The company posted a net loss of $16 million due to restructuring-related charges and higher raw material costs. A year ago, it recorded net profit of $148 million.
The company said the results reflect the continued impact of severe input cost inflation and lower demand due to declining global economic conditions. However, its full-year figures showed a 4% rise in sales to $6.6bn.
John A. Luke, chairman and chief executive, said: "Before and during this difficult period, we've taken bold, proactive steps to secure our financial position and ensure that we remain a strong competitor in our targeted markets.
"We have fortified our cash position and moved aggressively to reduce our costs, all while continuing to execute our strategic priorities."