Beauty packaging boosts mixed results for MWV
The company said that overall group sales for the quarter were steady, up marginally from $1.42bn in the corresponding period last year, to reach $1.43bn for the last quarter.
Profits took a dip though, with net income from continuing operations in the second quarter coming in at $67m, compared to $78m in the corresponding period last year, while net income was down from $90m to $68m.
Beauty props up an otherwise lack luster performance
In the home, health and beauty segments, sales took a dive during the quarter, down from $203m in the corresponding period last year, to reach $188m for the current quarter.
The company said that the performance for the beauty division was strong, with volumes increasing significantly, but this was counterbalanced by lawn and garden segment, which saw a double-digit slide in sales on the back of poor weather in North America.
Profits in the division were down on the back of the poor performance in the lawn and garden segment, falling from $11m in the corresponding period last year, to $8m for the current quarter.
Speciality chemicals up on Brazil pine
In the specialty chemicals division, which does supply a number of ingredients for the personal care segment, sales increased from $246m to $260m, while profit was more or less even at $61m.
In particular this performance was driven by its Brazilian pine chemicals business, which supplies a number of industries, including the personal care segment for products such as soap.
Looking ahead to the remainder of the financial year, the company said it expects momentum in its targeted packaging and specialty chemicals markets to drive growth, but also pointed out that macroeconomic conditions and weak currency translations would offset these benefits.
