Packaging Corp. of America Q3 FY2023 results: revenue $1.9 billion, down 8.9% on the year

Packaging Corp. of America (PKG) reported revenue of $1.9 billion for Q3 FY2023, the quarter ended 30 September 2023, down 8.9% on the same quarter a year earlier. Net income was $183 million, down 30.2% on the year, and diluted earnings per share $2.03. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2023.

Revenue$1.9 billiondown 8.9%

Net income$183 milliondown 30.2%

Diluted EPS$2.03

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,936	n/a	n/a	n/a
Cost of revenue	1,523	n/a	n/a	n/a
Gross profit	413	n/a	n/a	n/a
Gross margin	21.3%	n/a	n/a
Selling, general and administrative	144	n/a	n/a	n/a
Operating income	259	n/a	n/a	n/a
Operating margin	13.4%	n/a	n/a
Pre-tax income	244	n/a	n/a	n/a
Income tax	61.3	n/a	n/a	n/a
Effective tax rate	25.1%	n/a	n/a
Net income	183	n/a	n/a	n/a
Net margin	9.5%	n/a	n/a
Diluted EPS	$2.03	n/a	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	340	n/a	n/a	n/a
Capital expenditure	89.8	n/a	n/a	n/a
Free cash flow	250	n/a	n/a	n/a
Free cash flow margin	12.9%	n/a	n/a
Depreciation and amortisation	128	n/a	n/a	n/a
Share-based compensation	7.7	n/a	n/a	n/a
Dividends paid	112	n/a	n/a	n/a
Dividend per share	$1.25	n/a	n/a	n/a
Diluted shares, weighted	90m	n/a	n/a	n/a
Shares outstanding at period end	90m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	8,178	n/a	n/a	n/a
Cash and equivalents	573	n/a	n/a	n/a
Receivables	1,045	n/a	n/a	n/a
Inventory	986	n/a	n/a	n/a
Goodwill	922	n/a	n/a	n/a
Long-term debt	2,492	n/a	n/a	n/a
Operating lease liabilities	213	n/a	n/a	n/a
Finance lease liabilities	9.3	n/a	n/a	n/a
Shareholders' equity	3,887	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,936	1,938	1,980	2,075	2,182	2,146	2,141	2,171	2,313	2,364	2,368	2,490
Cost of revenue	1,523	1,528	1,609	1,638	1,677	1,676	1,686	1,688	1,809	1,916	1,915	1,977
Gross profit	413	410	370	438	505	470	455	483	504	448	453	512
Gross margin	21%	21%	19%	21%	23%	22%	21%	22%	22%	19%	19%	21%
SG&A	144	143	152	150	162	147	161	153	154	165	180	179
Operating income	259	261	196	276	327	302	280	334	324	168	251	291
Operating margin	13%	13%	10%	13%	15%	14%	13%	15%	14%	7%	11%	12%
Pre-tax income	244	248	188	267	319	292	267	321	305	135	220	259
Tax rate	25%	24%	22%	-25%	25%	71%	24%	25%	26%	24%	22%	26%
Net income	183	189	147	199	238	221	204	242	227	102	171	192
Net margin	9%	10%	7%	10%	11%	10%	10%	11%	10%	4%	7%	8%
Diluted EPS	$2.03	$2.10	$1.63	$2.21	$2.64	$2.45	$2.26	$2.67	$2.51	$1.14	$1.91	$2.15
Operating cash flow	340	335	260	278	327	325	339	300	472	447	329	376
Capital expenditure	89.8	141	76.7	245	147	201	148	170	192	319	165	206
Free cash flow	250	194	184	33.3	180	124	191	130	280	128	165	170
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	58.8	0.0
Dividends paid	112	112	112	112	112	112	112	112	112	112	112	111
Shares outstanding	90m	90m	89,798m	90m	90m	90m	90m	90m	90m	89,213m	89m	89m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 3 November 2023, accession 0000950170-23-058590: the filing on EDGAR. All of Packaging Corp. of America's filings: EDGAR company page.

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