Packaging Corp. of America (PKG) FY2020 results: revenue $6.7 billion, down 4.4% on the year
Packaging Corp. of America (PKG) reported revenue of $6.7 billion for fiscal 2020, the year ended 31 December 2020, down 4.4% on the year before. Net income was $461 million, down 33.8%, and diluted earnings per share $4.84. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$6.7 billion
-4.4% on the year
FY2013FY2020
Operating margin
10.9%
15.1% a year earlier
FY2013FY2020
Net income
$461 million
-33.8% on the year
FY2013FY2020
Diluted EPS
$4.84
-34.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
6,658
6,964
7,015
-4.4%
Cost of revenue
5,289
5,320
5,369
-0.6%
Gross profit
1,369
1,644
1,645
-16.7%
Gross margin
20.6%
23.6%
23.5%
Research and development
15.5
16.0
14.4
-3.1%
Selling, general and administrative
540
558
536
-3.2%
Operating income
724
1,054
1,068
-31.3%
Operating margin
10.9%
15.1%
15.2%
Pre-tax income
633
917
970
-31.0%
Income tax
172
221
232
-22.2%
Effective tax rate
27.1%
24.1%
24.0%
Net income
461
696
738
-33.8%
Net margin
6.9%
10.0%
10.5%
Diluted EPS
$4.84
$7.34
$7.80
-34.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,033
1,207
1,180
-14.5%
Capital expenditure
421
400
551
+5.4%
Free cash flow
612
808
629
-24.3%
Free cash flow margin
9.2%
11.6%
9.0%
Cash from investing
-426
-547
-608
Cash from financing
-312
-343
-427
Depreciation and amortisation
410
388
411
+5.8%
Share-based compensation
30.0
30.4
23.5
-1.3%
Buybacks
0.0
0.0
n/a
Dividends paid
300
299
268
+0.3%
Dividend per share
$3.37
$3.16
$3.00
+6.6%
Diluted shares, weighted
94m
94m
94m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,246
3,071
2,672
+5.7%
Debt
2,494
2,493
2,496
+0.0%
Operating lease liabilities
174
178
n/a
-2.3%
Finance lease liabilities
14.4
16.0
17.6
-10.0%
Other liabilities
1,505
1,478
1,383
+1.8%
Total liabilities and equity
7,433
7,236
6,570
+2.7%
Fixed assets
3,193
3,152
3,109
+1.3%
Goodwill
864
919
917
-6.0%
Intangible assets
296
339
378
-12.7%
Investments
148
146
n/a
+1.6%
Securities held for sale or to maturity
n/a
n/a
0.0
Cash and equivalents
975
680
362
+43.4%
Receivables
832
846
902
-1.6%
Inventory
788
794
796
-0.8%
Other assets
337
361
107
-6.7%
Total assets
7,433
7,236
6,570
+2.7%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.