Packaging Corp. of America (PKG) FY2017 results: revenue $6.4 billion, up 11.5% on the year
Packaging Corp. of America (PKG) reported revenue of $6.4 billion for fiscal 2017, the year ended 31 December 2017, up 11.5% on the year before. Net income was $669 million, up 48.7%, and diluted earnings per share $7.07. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$6.4 billion
+11.5% on the year
FY2010FY2017
Operating margin
14.4%
13.6% a year earlier
FY2010FY2017
Net income
$669 million
+48.7% on the year
FY2010FY2017
Diluted EPS
$7.07
+48.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
6,445
5,779
5,742
+11.5%
Cost of revenue
4,974
4,503
4,534
+10.5%
Gross profit
1,472
1,276
1,208
+15.4%
Gross margin
22.8%
22.1%
21.0%
Research and development
12.8
13.3
13.1
-3.8%
Selling, general and administrative
520
468
451
+11.0%
Operating income
931
783
750
+18.9%
Operating margin
14.4%
13.6%
13.1%
Pre-tax income
829
688
664
+20.3%
Income tax
160
239
228
-33.0%
Effective tax rate
19.3%
34.7%
34.3%
Net income
669
450
437
+48.7%
Net margin
10.4%
7.8%
7.6%
Diluted EPS
$7.07
$4.75
$4.47
+48.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
856
807
769
+6.1%
Capital expenditure
343
274
314
+25.0%
Free cash flow
513
533
454
-3.7%
Free cash flow margin
8.0%
9.2%
7.9%
Cash from investing
-609
-770
-298
Cash from financing
-269
17.8
-411
Depreciation and amortisation
391
358
356
+9.3%
Share-based compensation
20.6
19.7
18.2
+4.6%
Buybacks
n/a
100
155
Dividends paid
238
216
201
+9.9%
Dividend per share
$2.52
$2.36
$2.20
+6.8%
Diluted shares, weighted
94m
94m
97m
0.0%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,183
1,760
1,633
+24.0%
Non-controlling interest
n/a
n/a
0.0
Debt
2,646
2,658
2,309
-0.5%
Other liabilities
1,369
1,359
1,330
+0.8%
Total liabilities and equity
6,198
5,777
5,272
+7.3%
Fixed assets
2,925
2,896
2,832
+1.0%
Goodwill
883
738
544
+19.7%
Intangible assets
410
367
271
+11.7%
Cash and equivalents
217
239
184
-9.4%
Receivables
831
689
636
+20.5%
Inventory
762
724
677
+5.4%
Other assets
169
124
128
+36.3%
Total assets
6,198
5,777
5,272
+7.3%
10-K for the year ended 31 December 2017, filed 28 February 2019: the filing.