Stepan - SCL STOCK NEWS

Stepan Company (NYSE:SCL) Increases Quarterly Cash Dividend to $0.365 Per Share, Marking 55th Consecutive Year of Dividend Increases. Stepan is a major manufacturer of specialty and intermediate chemicals, including surfactants and polyurethane polyols, used in various industries.

Stepan Company reported a decline in net income for the second quarter of 2023. Reported net income was $12.7 million, compared to $52.1 million in the prior year. Adjusted net income was $12.1 million, compared to $53.0 million in the prior year. The decline in net income was primarily due to a 19% reduction in sales volume. Surfactant operating income was $15.1 million, Polymer operating income was $16.3 million, and Specialty Product operating income was $3.8 million. EBITDA was $46.7 million, a 51% decrease from the prior year. The Company's effective tax rate was 20.4% in the first half of 2023, compared to 24.8% in the prior year.

Stepan Company (NYSE: SCL) reported its first-quarter results on April 25, 2023. The company experienced a significant drop in net income, totaling $16.1 million ($0.70 per share), down 64% from $44.8 million ($1.93 per share) in the prior year. Adjusted net income also fell to $16.4 million from $40.7 million year-over-year. Total sales decreased by 4% to $651.4 million, while EBITDA dropped significantly to $48.3 million from $84.6 million last year. The decline was attributed to a 14% decrease in global sales volume across all segments, particularly surfactants and polymers, due to lower market demand and customer destocking. Despite these challenges, the company aims for a modest recovery in the second half of the year, bolstered by new contracted business and growth in Rigid Polyols.

On April 24, 2023, the Board of Directors of Stepan Company (NYSE:SCL) declared a quarterly cash dividend of $0.365 per share, payable on June 15, 2023, to stockholders of record on May 31, 2023. This increase of $0.030 per share marks the 55th consecutive year of dividend increases for the Company. Stepan Company is a leading manufacturer of specialty and intermediate chemicals, notably surfactants used in various applications including cleaning products and agricultural solutions. Operating from its headquarters in Northbrook, Illinois, the Company has a global presence with production facilities across North America, Europe, and Asia.

Stepan Company (NYSE: SCL) is set to release its first quarter 2023 earnings results on April 25, 2023, at approximately 7:00 am ET. A conference call will follow at 8:00 am ET, hosted by CEO Scott R. Behrens and CFO Luis E. Rojo. The call will discuss the company's financial and operational performance. Interested participants can access the call via phone or webcast with advance registration. Stepan Company, headquartered in Northbrook, Illinois, specializes in manufacturing specialty and intermediate chemicals across various industries, including cleaning, agriculture, and thermal insulation.

Stepan Company (NYSE: SCL) declared a quarterly cash dividend of $0.365 per share on February 15, 2023, payable on March 15, 2023, to stockholders of record by March 3, 2023. This marks a $0.030 increase from the previous quarter and the 55th consecutive year of dividend increases. Stepan, based in Northbrook, Illinois, is a leading manufacturer of specialty chemicals used across various industries, including surfactants for cleaning products and polyurethane polyols for thermal insulation. The company operates production facilities in North and South America, Europe, and Asia.

Stepan Company (NYSE: SCL) reported $10.8 million in net income for Q4 2022, down from $17.0 million a year earlier. Adjusted net income also fell to $13.5 million from $22.5 million. Total sales volume decreased by 17%, primarily due to reduced global commodity laundry demand and inventory destocking. Surfactant operating income dropped to $21.8 million, while Polymer operating income fell to $3.0 million. Conversely, Specialty Products saw an increase in operating income to $6.6 million. Despite challenges, the company achieved a record full-year net income of $147.2 million. The outlook for 2023 foresees potential headwinds from high inflation and interest rates affecting demand.

Stepan Company (NYSE: SCL) will release its fourth quarter and full year 2022 earnings results on February 16, 2023, at 7:00 am ET. A conference call hosted by CEO Scott R. Behrens and CFO Luis E. Rojo will follow at 10:00 am ET to discuss financial and operational performance. The call can be accessed via phone or webcast, with registration required for phone access. Stepan is a major manufacturer of specialty chemicals, primarily producing surfactants and polyurethane polyols for various industries.