Packaging Corp. of America (PKG) FY2013 results: revenue $3.7 billion, up 28.9% on the year
Packaging Corp. of America (PKG) reported revenue of $3.7 billion for fiscal 2013, the year ended 31 December 2013, up 28.9% on the year before. Net income was $441 million, up 175.5%, and diluted earnings per share $4.52. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$3.7 billion
+28.9% on the year
FY2008FY2013
Operating margin
13.1%
15.4% a year earlier
FY2008FY2013
Net income
$441 million
+175.5% on the year
FY2008FY2013
Diluted EPS
$4.52
+175.6% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,665
2,844
2,620
+28.9%
Cost of revenue
2,798
2,209
2,078
+26.6%
Gross profit
868
635
543
+36.7%
Gross margin
23.7%
22.3%
20.7%
Research and development
11.5
11.3
12.5
+1.8%
Selling, general and administrative
327
281
259
+16.3%
Operating income
482
438
274
+10.1%
Operating margin
13.1%
15.4%
10.5%
Pre-tax income
424
375
245
+13.1%
Income tax
-17.7
214
86.0
Effective tax rate
-4.2%
57.2%
35.1%
Net income
441
160
159
+175.5%
Net margin
12.0%
5.6%
6.1%
Diluted EPS
$4.52
$1.64
$1.58
+175.6%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
608
404
346
+50.5%
Capital expenditure
234
129
280
+82.4%
Free cash flow
374
276
65.3
+35.6%
Free cash flow margin
10.2%
9.7%
2.5%
Cash from investing
-1,411
-108
-350
Cash from financing
787
-246
-35.6
Depreciation and amortisation
202
171
164
+18.1%
Share-based compensation
14.8
11.7
9.7
+26.6%
Buybacks
7.8
45.2
125
-82.7%
Dividends paid
109
118
76.0
-7.4%
Dividend per share
$1.51
$1.00
$0.80
+51.0%
Diluted shares, weighted
98m
98m
100m
0.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,357
1,008
971
+34.6%
Debt
2,548
794
808
+221.0%
Other liabilities
1,295
693
675
+86.9%
Total liabilities and equity
5,200
2,495
2,455
+108.4%
Fixed assets
2,806
1,366
1,477
+105.4%
Goodwill
547
67.2
58.2
+714.2%
Intangible assets
311
38.3
25.0
+711.2%
Cash and equivalents
191
207
156
-7.9%
Receivables
643
352
320
+82.6%
Inventory
594
332
255
+78.9%
Other assets
109
132
164
-17.5%
Total assets
5,200
2,495
2,455
+108.4%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.