Packaging Corp. of America (PKG) FY2023 results: revenue $7.8 billion, down 8.0% on the year
Packaging Corp. of America (PKG) reported revenue of $7.8 billion for fiscal 2023, the year ended 31 December 2023, down 8.0% on the year before. Net income was $765 million, down 25.7%, and diluted earnings per share $8.48. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.
Revenue
$7.8 billion
-8.0% on the year
FY2016FY2023
Operating margin
13.8%
16.8% a year earlier
FY2016FY2023
Net income
$765 million
-25.7% on the year
FY2016FY2023
Diluted EPS
$8.48
-23.1% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,315
1,495
1,094
-12.0%
Capital expenditure
470
824
605
-43.0%
Free cash flow
845
671
489
+26.0%
Free cash flow margin
10.8%
7.9%
6.3%
Cash from investing
-875
-834
-794
Cash from financing
-112
-960
-656
Depreciation and amortisation
518
457
418
+13.3%
Share-based compensation
40.0
35.6
35.5
+12.4%
Buybacks
41.5
523
193
-92.1%
Dividends paid
449
420
380
+6.8%
Dividend per share
$5.00
$4.75
$4.00
+5.3%
Diluted shares, weighted
90m
93m
94m
-3.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
3,997
3,667
3,607
+9.0%
Debt
2,892
2,492
2,491
+16.1%
Operating lease liabilities
212
235
179
-9.6%
Finance lease liabilities
8.7
10.8
12.7
-19.4%
Other liabilities
1,571
1,600
1,547
-1.8%
Total liabilities and equity
8,681
8,004
7,837
+8.5%
Fixed assets
3,864
3,900
3,529
-0.9%
Goodwill
922
922
924
0.0%
Intangible assets
230
268
308
-14.3%
Investments
558
150
146
+271.5%
Cash and equivalents
648
320
619
+102.5%
Receivables
1,033
1,032
1,071
+0.1%
Inventory
1,013
977
902
+3.7%
Other assets
413
434
338
-4.8%
Total assets
8,681
8,004
7,837
+8.5%
10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.