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January 15, 2014
07:32 EDTMWVMeadWestvaco announces new cost savings program
MeadWestvaco announced a new program to generate increased earnings and cash flow from its packaging businesses. The program is expected to deliver annual pre-tax cost savings of $100M-$125M by the end of 2015, with at least $75M expected to be realized in 2014. Key elements of the program include: Implementing a leaner organization design across the packaging businesses to simplify the structure and speed decision making; Aligning the corporate infrastructure to the revenue base; Reassessing participation to focus on business lines and markets within packaging that provide the greatest opportunity for profitable growth; Prioritizing capital on the highest return projects to improve free cash flow. The program savings are in addition to MWVís previously announced overhead reduction actions targeting $75M-$80M by the end of 2014. Total combined annual cost savings from the two programs is expected to reach more than $200M by the end of 2015, with at least an additional $75M expected in 2014 from the new program. Free cash flow (cash flow after capital expenditures) is expected to increase by at least $100M in 2014 from higher expected after-tax earnings and a $50M reduction in capital expenditures to approximately $350M. By the end of 2015, MWV expects to have significantly improved the EBITDA margins of the Food & Beverage and Home, Health & Beauty packaging segments. Industrial Packaging, after initial start-up costs associated with the expansion of the Tres Barras mill in Brazil, is performing well and is expected to achieve EBITDA margins of at least 25 percent by the end of 2014. MWV has already begun implementing key components of the program, which the company began formulating in connection with the sale of its forestland assets to Plum Creek Timber Company.
News For MWV From The Last 14 Days
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July 31, 2014
10:02 EDTMWVOn The Fly: Analyst Downgrade Summary
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06:55 EDTMWVMeadWestvaco downgraded to Sell from Neutral at UBS
UBS downgraded MeadWestvaco to Sell citing valuation and high expectations.
July 30, 2014
07:29 EDTMWVMeadWestvaco aims to continue cost reduction efforts in Q3
The company said, "The principal benefits that are expected to drive the companyís improvement in the third quarter are increases in packaging volumes, especially bleached paperboard and plastic dispensing solutions across major end-markets, ongoing value-based pricing initiatives across all packaging businesses, productivity improvements and continued positive operating leverage from increased mill and plant utilization rates and continuing cost reduction efforts, including growing benefits from the companyís margin improvement program."
07:28 EDTMWVMeadWestvaco sees Q3 EPS ex-items above year-ago levels
The company said, "For Q3, earnings excluding special items are expected to be above year-ago levels on a continuing operations basis. The company expects ongoing benefits from its commercial and operational excellence strategies, as well as continued contributions from its growth and productivity investments and cost savings initiatives." Q3 EPS consensus 61c.
07:27 EDTMWVMeadWestvaco reports Q2 EPS ex-items 53c, consensus 50c
Reports Q2 revenue $1.47B, consensus $1.45B. Reports Q2 EPS from continuing operations 43c.
July 29, 2014
15:53 EDTMWVNotable companies reporting before tomorrow's open
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