Graphic Packaging Holding (GPK) FY2017 results: revenue $4.4 billion, up 2.5% on the year
Graphic Packaging Holding Co. (GPK) reported revenue of $4.4 billion for fiscal 2017, the year ended 31 December 2017, up 2.5% on the year before. Net income was $300 million, up 31.7%, and diluted earnings per share $0.96. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2019.
Revenue
$4.4 billion
+2.5% on the year
FY2010FY2017
Operating margin
7.4%
9.5% a year earlier
FY2010FY2017
Net income
$300 million
+31.7% on the year
FY2010FY2017
Diluted EPS
$0.96
+35.2% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
4,404
4,298
4,160
+2.5%
Cost of revenue
3,696
3,497
3,371
+5.7%
Gross profit
720
792
789
-9.1%
Gross margin
16.3%
18.4%
19.0%
Research and development
14.4
14.9
13.8
-3.4%
Selling, general and administrative
348
353
348
-1.7%
Operating income
328
407
427
-19.5%
Operating margin
7.4%
9.5%
10.3%
Interest expense
89.7
76.6
67.8
+17.1%
Pre-tax income
253
319
359
-20.8%
Income tax
-45.5
93.2
130
Effective tax rate
-18.0%
29.2%
36.3%
Net income
300
228
230
+31.7%
Net margin
6.8%
5.3%
5.5%
Diluted EPS
$0.96
$0.71
$0.70
+35.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
-192
74.0
589
Capital expenditure
241
279
229
-13.5%
Free cash flow
-433
-205
360
Free cash flow margin
-9.8%
-4.8%
8.7%
Cash from investing
268
-65.1
-400
Cash from financing
-69.8
-3.1
-211
Depreciation and amortisation
330
299
280
+10.4%
Share-based compensation
8.9
20.2
20.4
-55.9%
Buybacks
62.1
165
63.0
-62.3%
Dividends paid
93.4
64.4
49.3
+45.0%
Diluted shares, weighted
312m
322m
331m
-3.0%
Shares outstanding at period end
310m
314m
325m
-1.2%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,292
1,056
1,102
+22.3%
Non-controlling interest
0.0
n/a
n/a
Redeemable equity
0.0
n/a
n/a
Short-term borrowings
n/a
n/a
10.8
Debt
2,274
2,152
1,877
+5.7%
Other liabilities
1,297
1,395
1,267
-7.1%
Total liabilities and equity
4,863
4,603
4,256
+5.6%
Fixed assets
1,867
1,752
1,586
+6.6%
Goodwill
1,323
1,260
1,168
+5.0%
Intangible assets
436
445
387
-2.0%
Cash and equivalents
67.4
59.1
54.9
+14.0%
Receivables
272
363
337
-25.1%
Inventory
634
583
557
+8.8%
Other assets
263
141
166
+87.0%
Total assets
4,863
4,603
4,256
+5.6%
10-K for the year ended 31 December 2017, filed 13 February 2019: the filing.