Graphic Packaging Holding (GPK) FY2019 results: revenue $6.2 billion, up 2.3% on the year
Graphic Packaging Holding Co. (GPK) reported revenue of $6.2 billion for fiscal 2019, the year ended 31 December 2019, up 2.3% on the year before. Net income was $207 million, down 6.5%, and diluted earnings per share $0.70. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2020.
Revenue
$6.2 billion
+2.3% on the year
FY2012FY2019
Operating margin
8.7%
7.6% a year earlier
FY2012FY2019
Net income
$207 million
-6.5% on the year
FY2012FY2019
Diluted EPS
$0.70
-1.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,160
6,023
4,404
+2.3%
Cost of revenue
5,068
5,077
3,696
-0.2%
Gross profit
1,093
952
720
+14.7%
Gross margin
17.7%
15.8%
16.3%
Research and development
9.0
8.7
14.4
+3.4%
Selling, general and administrative
512
472
348
+8.4%
Operating income
534
458
328
+16.6%
Operating margin
8.7%
7.6%
7.4%
Interest expense
141
124
89.7
+14.0%
Pre-tax income
354
348
253
+1.9%
Income tax
76.0
54.7
-45.5
+38.9%
Effective tax rate
21.5%
15.7%
-18.0%
Net income
207
221
300
-6.5%
Net margin
3.4%
3.7%
6.8%
Diluted EPS
$0.70
$0.71
$0.96
-1.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
666
-374
-192
Capital expenditure
n/a
379
241
Free cash flow
n/a
-753
-433
Free cash flow margin
n/a
-12.5%
-9.8%
Cash from investing
-225
689
268
Cash from financing
-361
-311
-69.8
Depreciation and amortisation
447
431
330
+3.9%
Share-based compensation
22.0
13.8
8.9
+59.4%
Buybacks
129
119
62.1
+8.1%
Dividends paid
113
111
93.4
+1.8%
Diluted shares, weighted
295m
310m
312m
-4.9%
Shares outstanding at period end
290m
300m
310m
-3.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,570
1,580
1,292
-0.6%
Non-controlling interest
488
439
0.0
+11.1%
Redeemable equity
304
276
0.0
+10.3%
Debt
2,860
2,957
2,274
-3.3%
Operating lease liabilities
152
n/a
n/a
Finance lease liabilities
130
n/a
n/a
Other liabilities
1,786
1,808
1,297
-1.2%
Total liabilities and equity
7,290
7,059
4,863
+3.3%
Fixed assets
3,254
3,240
1,867
+0.4%
Goodwill
1,478
1,461
1,323
+1.2%
Intangible assets
477
524
436
-8.9%
Cash and equivalents
153
70.5
67.4
+116.9%
Receivables
451
466
272
-3.1%
Inventory
1,096
1,014
634
+8.0%
Other assets
381
285
263
+33.8%
Total assets
7,290
7,059
4,863
+3.3%
10-K for the year ended 31 December 2019, filed 11 February 2020: the filing.