Packaging Corp. of America (PKG) FY2014 results: revenue $5.9 billion, up 59.7% on the year
Packaging Corp. of America (PKG) reported revenue of $5.9 billion for fiscal 2014, the year ended 31 December 2014, up 59.7% on the year before. Net income was $393 million, down 11.0%, and diluted earnings per share $3.99. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$5.9 billion
+59.7% on the year
FY2008FY2014
Operating margin
12.0%
13.1% a year earlier
FY2008FY2014
Net income
$393 million
-11.0% on the year
FY2008FY2014
Diluted EPS
$3.99
-11.7% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
5,853
3,665
2,844
+59.7%
Cost of revenue
4,623
2,798
2,209
+65.2%
Gross profit
1,230
868
635
+41.7%
Gross margin
21.0%
23.7%
22.3%
Research and development
12.3
11.5
11.3
+7.0%
Selling, general and administrative
470
327
281
+43.8%
Operating income
703
482
438
+45.8%
Operating margin
12.0%
13.1%
15.4%
Pre-tax income
614
424
375
+45.0%
Income tax
222
-17.7
214
Effective tax rate
36.1%
-4.2%
57.2%
Net income
393
441
160
-11.0%
Net margin
6.7%
12.0%
5.6%
Diluted EPS
$3.99
$4.52
$1.64
-11.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
736
608
404
+21.0%
Capital expenditure
420
234
129
+79.2%
Free cash flow
316
374
276
-15.5%
Free cash flow margin
5.4%
10.2%
9.7%
Cash from investing
-451
-1,411
-108
Cash from financing
-351
787
-246
Depreciation and amortisation
381
202
171
+88.8%
Share-based compensation
15.6
14.8
11.7
+5.4%
Buybacks
0.0
7.8
45.2
Dividends paid
157
109
118
+44.2%
Dividend per share
$1.60
$1.51
$1.00
+6.0%
Diluted shares, weighted
97m
98m
98m
-0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,521
1,357
1,008
+12.1%
Debt
2,355
2,548
794
-7.6%
Other liabilities
1,382
1,295
693
+6.7%
Total liabilities and equity
5,259
5,200
2,495
+1.1%
Fixed assets
2,858
2,806
1,366
+1.8%
Goodwill
547
547
67.2
0.0%
Intangible assets
294
311
38.3
-5.5%
Cash and equivalents
125
191
207
-34.6%
Receivables
646
643
352
+0.5%
Inventory
665
594
332
+11.9%
Other assets
125
109
132
+15.0%
Total assets
5,259
5,200
2,495
+1.1%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.