Packaging Corp. of America (PKG) FY2011 results: revenue $2.6 billion, up 7.6% on the year
Packaging Corp. of America (PKG) reported revenue of $2.6 billion for fiscal 2011, the year ended 31 December 2011, up 7.6% on the year before. Net income was $159 million, down 22.7%, and diluted earnings per share $1.58. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2012.
Revenue
$2.6 billion
+7.6% on the year
FY2008FY2011
Operating margin
10.5%
7.6% a year earlier
FY2008FY2011
Net income
$159 million
-22.7% on the year
FY2008FY2011
Diluted EPS
$1.58
-21.0% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
2,620
2,436
2,148
+7.6%
Cost of revenue
2,078
1,903
1,721
+9.2%
Gross profit
543
532
427
+2.1%
Gross margin
20.7%
21.9%
19.9%
Research and development
12.5
10.9
9.4
+14.7%
Selling, general and administrative
259
182
173
+41.7%
Operating income
274
185
352
+47.8%
Operating margin
10.5%
7.6%
16.4%
Pre-tax income
245
153
317
+59.9%
Income tax
86.0
-52.3
51.1
Effective tax rate
35.1%
-34.2%
16.1%
Net income
159
205
266
-22.7%
Net margin
6.1%
8.4%
12.4%
Diluted EPS
$1.58
$2.00
$2.60
-21.0%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
346
350
306
-1.3%
Capital expenditure
280
320
114
-12.5%
Free cash flow
65.3
29.7
192
+119.7%
Free cash flow margin
2.5%
1.2%
8.9%
Cash from investing
-350
-321
-119
Cash from financing
-35.6
-92.8
-75.5
Depreciation and amortisation
164
156
151
+4.7%
Share-based compensation
9.7
7.0
7.3
+39.0%
Buybacks
125
38.9
n/a
+221.4%
Dividends paid
76.0
61.8
76.9
+23.0%
Dividend per share
$0.80
$0.60
$0.60
+33.3%
Diluted shares, weighted
100m
103m
102m
-2.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
971
1,051
899
-7.5%
Debt
808
658
549
+22.8%
Other liabilities
675
516
705
+30.9%
Total liabilities and equity
2,455
2,224
2,153
+10.4%
Fixed assets
1,477
1,338
1,183
+10.4%
Goodwill
58.2
38.9
38.9
+49.8%
Intangible assets
25.0
11.0
11.8
+128.2%
Cash and equivalents
156
197
261
-20.5%
Receivables
320
294
243
+8.8%
Inventory
255
241
213
+5.6%
Other assets
164
105
202
+56.8%
Total assets
2,455
2,224
2,153
+10.4%
10-K for the year ended 31 December 2011, filed 21 February 2012: the filing.