BusinessDecember 2, 1996
BUSINESS MEMO: WESTVACO EARNINGS DOWN
Westvaco Corp., a major manufacturer of paper, packaging and chemicals, has reported sales and earnings for fiscal 1996, which ended Oct. 31. Westvaco, which includes a paper processing facility at Wickliffe, Ky., reported sales at $3 billion, down 7 percent from the 1995 total of $3.3 billion, but up more than 18 percent over sales of two years ago...
Westvaco Corp., a major manufacturer of paper, packaging and chemicals, has reported sales and earnings for fiscal 1996, which ended Oct. 31.
Westvaco, which includes a paper processing facility at Wickliffe, Ky., reported sales at $3 billion, down 7 percent from the 1995 total of $3.3 billion, but up more than 18 percent over sales of two years ago.
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Net income for the fiscal year totaled $212 million, or $2.09 per share of common stock, a decline from the $281 million, or $2.78 per share earned in fiscal 1995.
John A. Luke Jr., chairman and chief executive of Westvaco, headquartered in New York, said Westvaco's decline in annual earnings reflected the challenging market conditions of the paper industry. He said Westvaco reported a lower rate of earnings decline than most of the company's competitors.
Westvaco purchases timber from a number of Southern Illinois and Southeast Missouri timber growers.
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