Graphic Packaging Holding (GPK) FY2018 results: revenue $6.0 billion, up 36.8% on the year
Graphic Packaging Holding Co. (GPK) reported revenue of $6.0 billion for fiscal 2018, the year ended 31 December 2018, up 36.8% on the year before. Net income was $221 million, down 26.3%, and diluted earnings per share $0.71. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2019.
Revenue
$6.0 billion
+36.8% on the year
FY2011FY2018
Operating margin
7.6%
7.4% a year earlier
FY2011FY2018
Net income
$221 million
-26.3% on the year
FY2011FY2018
Diluted EPS
$0.71
-26.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
6,023
4,404
4,298
+36.8%
Cost of revenue
5,077
3,696
3,497
+37.4%
Gross profit
952
720
792
+32.4%
Gross margin
15.8%
16.3%
18.4%
Research and development
8.7
14.4
14.9
-39.6%
Selling, general and administrative
472
348
353
+35.9%
Operating income
458
328
407
+39.7%
Operating margin
7.6%
7.4%
9.5%
Interest expense
124
89.7
76.6
+37.9%
Pre-tax income
348
253
319
+37.4%
Income tax
54.7
-45.5
93.2
Effective tax rate
15.7%
-18.0%
29.2%
Net income
221
300
228
-26.3%
Net margin
3.7%
6.8%
5.3%
Diluted EPS
$0.71
$0.96
$0.71
-26.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
-374
-192
74.0
Capital expenditure
379
241
279
+57.2%
Free cash flow
-753
-433
-205
Free cash flow margin
-12.5%
-9.8%
-4.8%
Cash from investing
689
268
-65.1
+157.0%
Cash from financing
-311
-69.8
-3.1
Depreciation and amortisation
431
330
299
+30.4%
Share-based compensation
13.8
8.9
20.2
+55.1%
Buybacks
119
62.1
165
+91.8%
Dividends paid
111
93.4
64.4
+18.8%
Diluted shares, weighted
310m
312m
322m
-0.6%
Shares outstanding at period end
300m
310m
314m
-3.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,580
1,292
1,056
+22.3%
Non-controlling interest
439
0.0
n/a
Redeemable equity
276
0.0
n/a
Debt
2,957
2,274
2,152
+30.0%
Other liabilities
1,808
1,297
1,395
+39.4%
Total liabilities and equity
7,059
4,863
4,603
+45.2%
Fixed assets
3,240
1,867
1,752
+73.5%
Goodwill
1,461
1,323
1,260
+10.4%
Intangible assets
524
436
445
+20.0%
Cash and equivalents
70.5
67.4
59.1
+4.6%
Receivables
466
272
363
+71.1%
Inventory
1,014
634
583
+60.0%
Other assets
285
263
141
+8.3%
Total assets
7,059
4,863
4,603
+45.2%
10-K for the year ended 31 December 2018, filed 13 February 2019: the filing.