Packaging Corp. of America (PKG) FY2018 results: revenue $7.0 billion, up 8.8% on the year
Packaging Corp. of America (PKG) reported revenue of $7.0 billion for fiscal 2018, the year ended 31 December 2018, up 8.8% on the year before. Net income was $738 million, up 10.4%, and diluted earnings per share $7.80. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$7.0 billion
+8.8% on the year
FY2011FY2018
Operating margin
15.2%
14.4% a year earlier
FY2011FY2018
Net income
$738 million
+10.4% on the year
FY2011FY2018
Diluted EPS
$7.80
+10.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,015
6,445
5,779
+8.8%
Cost of revenue
5,369
4,974
4,503
+7.9%
Gross profit
1,645
1,472
1,276
+11.8%
Gross margin
23.5%
22.8%
22.1%
Research and development
14.4
12.8
13.3
+12.5%
Selling, general and administrative
536
520
468
+3.2%
Operating income
1,068
931
783
+14.7%
Operating margin
15.2%
14.4%
13.6%
Pre-tax income
970
829
688
+17.1%
Income tax
232
160
239
+45.3%
Effective tax rate
24.0%
19.3%
34.7%
Net income
738
669
450
+10.4%
Net margin
10.5%
10.4%
7.8%
Diluted EPS
$7.80
$7.07
$4.75
+10.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,180
856
807
+37.8%
Capital expenditure
551
343
274
+60.8%
Free cash flow
629
513
533
+22.5%
Free cash flow margin
9.0%
8.0%
9.2%
Cash from investing
-608
-609
-770
Cash from financing
-427
-269
17.8
Depreciation and amortisation
411
391
358
+5.0%
Share-based compensation
23.5
20.6
19.7
+14.1%
Buybacks
n/a
n/a
100
Dividends paid
268
238
216
+12.8%
Dividend per share
$3.00
$2.52
$2.36
+19.0%
Diluted shares, weighted
94m
94m
94m
+0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,672
2,183
1,760
+22.4%
Debt
2,496
2,646
2,658
-5.6%
Finance lease liabilities
17.6
n/a
n/a
Other liabilities
1,383
1,369
1,359
+1.0%
Total liabilities and equity
6,570
6,198
5,777
+6.0%
Fixed assets
3,109
2,925
2,896
+6.3%
Goodwill
917
883
738
+3.9%
Intangible assets
378
410
367
-7.8%
Securities held for sale or to maturity
0.0
n/a
n/a
Cash and equivalents
362
217
239
+66.7%
Receivables
902
831
689
+8.6%
Inventory
796
762
724
+4.3%
Other assets
107
169
124
-37.0%
Total assets
6,570
6,198
5,777
+6.0%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.