on dec 26, 2014, we issued an updated research report on meadwestvaco corporation mwv analyst report. the global packaging company expects enhanced operating productivity, cost saving initiatives, increase in consumer and industrial packaging volumes and pricing to drive growth in the fourth quarter. however, persistently soft economic conditions, particularly in brazil, demand challenges in certain markets and escalating wood costs remain headwinds.meadwestvaco reported thirdquarter 2014 adjusted earnings of 63 cents per share, highlighting a 70 yearoveryear increase. the company&rsquos top line benefitted from gains across targeted, highervalue packaging and specialty chemicals end markets, while the bottom line grew on the back of strong operational performance, gains in productivity from major efficiency investments and cost reduction actions.for the fourth quarter, meadwestvaco expects earnings to improve from the yearago quarter. this will be driven by higher volume in consumer and industrial packaging, pricing actions, productivity improvements and continued operating leverage from higher mill and plant utilization rates as well as ongoing cost saving programs. the company is also poised to benefit from the decline in oil prices. resin, a derivative of oil, accounts for a major portion of its cost of goods sold. however, the rising costs for wood fiber, negative foreign currency exchange, continued weakness in packaged food and liquid packaging, and persistent economic weakness in brazil and europe will somewhat offset the positives.meadwestvaco had initiated an enterprisewide overhead cost reduction plan in apr 2013. the company remains on track to achieve its target of 75 million by the end of 2014. the company, in january, announced a new program that will simplify the structure of its packaging businesses and save 100125 million by 2015. meadwestvaco expects to exceed its target of 75 million of savings in 2014 and achieve 125 million of savings by the end of 2015.key elements of the marginimprovement program include implementing a leaner organizational design across the packaging businesses to simplify the structure, speed up decision making and align the corporate infrastructure to the revenue base. the company will focus on attractive markets within the packaging industry that provide the greatest opportunity for profitable growth and prioritize capital on the highest return projects to improve free cash flow.the company continues to expand its presence in the emerging markets. growth in emerging markets continued to produce favorable results with revenues accounting for 25 of the company&rsquos total sales. in brazil, meadwestvaco invested 480 million in a stateoftheart paperboard machine that will double the capacity of its três barras mill. in the third quarter, the company set a new production record at the tres barras mill. this strong, operational and commercial execution resulted in a 30 ebitda margin in the quarter at the industrial packaging segment which reflects the high end of the company&rsquos guided range for the year.in india, meadwestvaco increased sales by almost 30 during the quarter benefitting from the acquisition of ruby macons limited in 2012. the fourth quarter will mark two years since the initial acquisition of mill operations in india and the company is continuing to make progress with its longterm strategy of building highquality containerboard positions with the growing corrugated market in the region.meadwestvaco currently carries a zacks rank 2 buy.key picks from the sectorother stocks that are worth considering within this sector include sealed air corporation see analyst report, bemis company, inc. bms analyst report and packaging corporation of america pkg snapshot report. while sealed air sports a zacks rank 1 strong buy, bemis and packaging corporation hold a zacks rank 2 buy. 
