Packaging Corp. of America (PKG) FY2019 results: revenue $7.0 billion, down 0.7% on the year
Packaging Corp. of America (PKG) reported revenue of $7.0 billion for fiscal 2019, the year ended 31 December 2019, down 0.7% on the year before. Net income was $696 million, down 5.6%, and diluted earnings per share $7.34. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$7.0 billion
-0.7% on the year
FY2012FY2019
Operating margin
15.1%
15.2% a year earlier
FY2012FY2019
Net income
$696 million
-5.6% on the year
FY2012FY2019
Diluted EPS
$7.34
-5.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,964
7,015
6,445
-0.7%
Cost of revenue
5,320
5,369
4,974
-0.9%
Gross profit
1,644
1,645
1,472
-0.1%
Gross margin
23.6%
23.5%
22.8%
Research and development
16.0
14.4
12.8
+11.1%
Selling, general and administrative
558
536
520
+4.0%
Operating income
1,054
1,068
931
-1.3%
Operating margin
15.1%
15.2%
14.4%
Pre-tax income
917
970
829
-5.5%
Income tax
221
232
160
-5.1%
Effective tax rate
24.1%
24.0%
19.3%
Net income
696
738
669
-5.6%
Net margin
10.0%
10.5%
10.4%
Diluted EPS
$7.34
$7.80
$7.07
-5.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,207
1,180
856
+2.3%
Capital expenditure
400
551
343
-27.5%
Free cash flow
808
629
513
+28.5%
Free cash flow margin
11.6%
9.0%
8.0%
Cash from investing
-547
-608
-609
Cash from financing
-343
-427
-269
Depreciation and amortisation
388
411
391
-5.7%
Share-based compensation
30.4
23.5
20.6
+29.4%
Buybacks
0.0
n/a
n/a
Dividends paid
299
268
238
+11.4%
Dividend per share
$3.16
$3.00
$2.52
+5.3%
Diluted shares, weighted
94m
94m
94m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,071
2,672
2,183
+14.9%
Debt
2,493
2,496
2,646
-0.1%
Operating lease liabilities
178
n/a
n/a
Finance lease liabilities
16.0
17.6
n/a
-9.1%
Other liabilities
1,478
1,383
1,369
+6.8%
Total liabilities and equity
7,236
6,570
6,198
+10.1%
Fixed assets
3,152
3,109
2,925
+1.4%
Goodwill
919
917
883
+0.2%
Intangible assets
339
378
410
-10.4%
Investments
146
n/a
n/a
Securities held for sale or to maturity
n/a
0.0
n/a
Cash and equivalents
680
362
217
+88.0%
Receivables
846
902
831
-6.2%
Inventory
794
796
762
-0.2%
Other assets
361
107
169
+239.0%
Total assets
7,236
6,570
6,198
+10.1%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.