Staff Report
Published Jan. 26, 2012

MeadWestvaco Corp.’s land holdings in the Lowcountry saw decreases in sales and profit during 2011, though the company reported total earnings of $268 million for the year, the company announced Wednesday.

The company’s pre-tax revenues increased 15% year-over-year to $840 million, though it reported a fourth quarter loss of $9 million. Improvements in the Packaging Resources and Specialty Chemicals divisions boosted revenues.

Sales for the Community Development and Land Management were $35 million during the fourth quarter of 2011, a decrease of 74% year-over-year. Profit in the fourth quarter decreased by 275% to $8 million.

For the year, the division reported a profit of $5 million in 2011, compared to $28 million in 2010. The division sold about 4,050 acres in 2011, roughly 8,000 acres less than its sales in 2010.

The profit from forestry operations and leasing earned $3 million in the fourth quarter of 2011, a 33% increase year-over-year.

“Another year of record results in 2011 demonstrates that our market-focused strategies will deliver strong, sustainable financial returns for our shareholders,” said John Luke Jr., chairman and CEO of MeadWestvaco. “We are confident that our growth model centered on commercial excellence, innovation, emerging markets and expanded participation will extend and accelerate this outstanding progress over the next several years.”