Graphic Packaging Holding (GPK) Q4 FY2023 earnings: revenue $2.2 billion, down 5.7% on the year

Graphic Packaging Holding Co. (GPK) reported revenue of $2.2 billion for Q4 FY2023, the quarter ended 31 December 2023, down 5.7% on the same quarter a year earlier. Net income was $196 million, up 25.6% on the year, and diluted earnings per share $0.64. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue$2.2 billiondown 5.7%

Net income$196 millionup 25.6%

Diluted EPS$0.64

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,249	2,349	n/a	n/a
Cost of revenue	1,748	1,799	n/a	n/a
Gross profit	501	550	n/a	n/a
Gross margin	22.3%	23.4%	n/a
Selling, general and administrative	183	220	n/a	n/a
Operating income	290	287	n/a	n/a
Operating margin	12.9%	12.2%	n/a
Interest expense	59.0	62.0	n/a	n/a
Pre-tax income	230	224	n/a	n/a
Income tax	35.0	54.0	n/a	n/a
Effective tax rate	15.2%	24.1%	n/a
Net income	196	170	n/a	n/a
Net margin	8.7%	7.2%	n/a
Diluted EPS	$0.64	$0.55	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	442	411	n/a	n/a
Cash from investing	-150	-438	n/a	n/a
Cash from financing	-294	57.0	n/a	n/a
Depreciation and amortisation	154	161	n/a	n/a
Share-based compensation	8.0	11.0	n/a	n/a
Buybacks	17.0	8.0	n/a	n/a
Dividends paid	31.0	31.0	n/a	n/a
Diluted shares, weighted	308m	309m	n/a	n/a
Shares outstanding at period end	306m	307m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,781	2,539	n/a	n/a
Non-controlling interest	1.0	2.0	n/a	n/a
Short-term borrowings	18.0	17.0	n/a	n/a
Debt	5,217	5,429	n/a	n/a
Operating lease liabilities	189	n/a	n/a	n/a
Finance lease liabilities	154	n/a	n/a	n/a
Other liabilities	2,815	2,918	n/a	n/a
Total liabilities and equity	11,175	10,905	n/a	n/a
Fixed assets	4,992	n/a	n/a	n/a
Goodwill	2,103	2,072	n/a	n/a
Intangible assets	820	819	n/a	n/a
Cash and equivalents	162	146	n/a	n/a
Receivables	716	881	n/a	n/a
Inventory	1,754	1,741	n/a	n/a
Other assets	628	5,246	n/a	n/a
Total assets	11,175	10,905	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,349	2,249	2,259	2,237	2,216	2,095	2,120	2,204	2,190	2,103	2,156	2,188
Cost of revenue	1,799	1,748	1,733	1,756	1,714	1,642	1,675	1,784	1,756	1,800	1,850	1,896
Gross profit	550	501	526	481	502	453	445	420	434	303	306	292
Gross margin	23%	22%	23%	22%	23%	22%	21%	19%	20%	14%	14%	13%
SG&A	220	183	215	197	191	171	196	204	163	141	202	180
Operating income	287	290	278	324	278	239	221	193	234	156	19.0	95.0
Operating margin	12%	13%	12%	14%	13%	11%	10%	9%	11%	7%	1%	4%
Interest expense	62.0	59.0	59.0	60.0	58.0	53.0	51.0	53.0	53.0	63.0	64.0	68.0
Pre-tax income	224	230	218	264	219	185	170	139	181	92.0	-45.0	26.0
Tax rate	24%	15%	24%	28%	25%	25%	25%	25%	22%	23%	n/a	8%
Net income	170	196	165	190	165	138	127	104	142	71.0	-43.0	24.0
Net margin	7%	9%	7%	8%	7%	7%	6%	5%	6%	3%	-2%	1%
Diluted EPS	$0.55	$0.64	$0.53	$0.62	$0.55	$0.46	$0.42	$0.34	$0.48	$0.24	-$0.14	$0.08
Operating cash flow	411	442	3.0	161	187	489	-174	267	227	521	-113	158
Buybacks	8.0	17.0	0.0	200	0.0	0.0	n/a	n/a	40.0	n/a	n/a	n/a
Dividends paid	31.0	31.0	31.0	30.0	30.0	31.0	30.0	33.0	33.0	32.0	32.0	33.0
Shares outstanding	307m	306m	307m	300m	300m	300m	302m	297m	295m	295m	296m	296m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 21 February 2024, accession 0001408075-24-000012: the filing on EDGAR. All of Graphic Packaging Holding Co.'s filings: EDGAR company page.

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