Graphic Packaging Holding (GPK) Q2 FY2024 earnings: revenue $2.2 billion, down 6.5% on the year

Graphic Packaging Holding Co. (GPK) reported revenue of $2.2 billion for Q2 FY2024, the quarter ended 30 June 2024, down 6.5% on the same quarter a year earlier. Net income was $190 million, up 26.7% on the year, and diluted earnings per share $0.62. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2024.

Revenue$2.2 billiondown 6.5%

Net income$190 millionup 26.7%

Diluted EPS$0.62

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,237	2,259	n/a	n/a
Cost of revenue	1,756	1,733	n/a	n/a
Gross profit	481	526	n/a	n/a
Gross margin	21.5%	23.3%	n/a
Selling, general and administrative	197	215	n/a	n/a
Operating income	324	278	n/a	n/a
Operating margin	14.5%	12.3%	n/a
Interest expense	60.0	59.0	n/a	n/a
Pre-tax income	264	218	n/a	n/a
Income tax	74.0	53.0	n/a	n/a
Effective tax rate	28.0%	24.3%	n/a
Net income	190	165	n/a	n/a
Net margin	8.5%	7.3%	n/a
Diluted EPS	$0.62	$0.53	n/a	n/a

$ million except per share.

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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	161	3.0	n/a	n/a
Cash from investing	486	-311	n/a	n/a
Cash from financing	-655	287	n/a	n/a
Depreciation and amortisation	133	148	n/a	n/a
Share-based compensation	15.0	22.0	n/a	n/a
Buybacks	200	0.0	n/a	n/a
Dividends paid	30.0	31.0	n/a	n/a
Dividend per share	$0.10	$0.10	n/a	n/a
Diluted shares, weighted	307m	309m	n/a	n/a
Shares outstanding at period end	300m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	2,812	2,857	n/a	n/a
Non-controlling interest	1.0	1.0	n/a	n/a
Short-term borrowings	11.0	11.0	n/a	n/a
Debt	5,126	5,548	n/a	n/a
Other liabilities	2,878	2,932	n/a	n/a
Total liabilities and equity	10,828	11,349	n/a	n/a
Goodwill	2,014	2,010	n/a	n/a
Intangible assets	722	746	n/a	n/a
Cash and equivalents	125	136	n/a	n/a
Receivables	875	878	n/a	n/a
Inventory	1,699	1,702	n/a	n/a
Other assets	5,393	5,877	n/a	n/a
Total assets	10,828	11,349	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-Q for the period ended 30 June 2024, filed 30 July 2024, accession 0001408075-24-000030: the filing on EDGAR. All of Graphic Packaging Holding Co.'s filings: EDGAR company page.

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