Welcome to our dedicated page for Stepan Co. news (Ticker: SCL), a resource for investors and traders seeking the latest updates and insights on Stepan Co. stock.
Stepan Company (NYSE: SCL) is a key player in the global chemical industry, specializing in the manufacture of specialty and intermediate chemicals used across various sectors. Founded in 1932 and headquartered in Northbrook, Illinois, Stepan has a robust global presence, with modern production facilities spanning North and South America, Europe, and Asia.
Core Business Segments:
- Surfactants: This segment generates the majority of Stepan's revenue. Surfactants are essential in a wide array of consumer and industrial products such as detergents, shampoos, body wash, fabric softeners, toothpastes, and other personal-care items. They also play a significant role in agricultural and oilfield solutions.
- Polymers: Stepan's polymers segment supplies polyurethane used in rigid foam for thermal insulation and phthalic anhydride, vital for producing plastic components in the construction, automotive, and boating industries.
- Specialty Products: This segment includes chemicals used in food and flavoring, adding to the diverse applications of Stepan's products.
Recent Achievements and Projects:
In recent years, Stepan has continued to expand its capabilities and market reach. Notably, the company is advancing its new alkoxylation facility in Pasadena, Texas, set to start operations by mid-2024. This facility will enhance Stepan's production capacity and capability to meet new regulatory limits on 1,4 dioxane, a move aligned with the company's sustainability goals.
Financial Condition and Performance:
Stepan has demonstrated resilience despite market challenges. The company's second quarter of 2023 saw a decrease in net sales by 23% year-over-year, reflecting a 19% drop in global sales volume. However, proactive measures such as headcount and discretionary expense controls have helped mitigate some financial impacts. The company maintained a strong focus on cost control and cash management, with significant progress in reducing inventory levels and advancing key projects.
Commitment to Sustainability:
Stepan is committed to creating a cleaner, healthier, and more energy-efficient world through innovative chemical solutions. The company’s sustainability program is robust, reflecting its dedication to responsibility, integrity, and innovation. More information on this can be found on the sustainability page of their website.
Employee and Corporate Culture:
Stepan prides itself on its diverse and talented workforce. The company fosters an environment of innovation, teamwork, and quality, providing ongoing development and advancement opportunities across its global operations. This culture is instrumental in driving Stepan's success and maintaining its competitive edge.
For more details, visit Stepan Company online at www.stepan.com.
Stepan Company (NYSE: SCL) has acquired INVISTA's aromatic polyester polyol business for approximately $100 million, strengthening its manufacturing capabilities in the U.S. and Europe. The deal includes two manufacturing sites in Wilmington, NC, and Vlissingen, Netherlands, along with customer relationships and inventory. This acquisition aims to enhance Stepan's EBITDA margins and supports the growth of its rigid polyol business, which is expected to benefit from rising energy conservation efforts and stricter building codes. Management will provide further insights during the Q4 2020 results call on February 18, 2021.
Stepan Company (NYSE: SCL) announced the appointment of Lorinda Burgess as a new board director, effective January 27, 2021. Burgess, with over 20 years at Medtronic, served as Vice President, Finance and CFO for the Americas Region. She brings extensive financial leadership experience from her previous roles at Marshall Field's and BET Holdings. Quinn Stepan, Jr., Chairman and CEO, expressed enthusiasm for her addition, highlighting the strategic operational expertise she offers. Stepan Company specializes in manufacturing specialty chemicals across various sectors.
Stepan Company (NYSE: SCL) will announce its fourth quarter and full year 2020 earnings on February 18, 2021, at 7:00 am ET. The conference call for discussing financial results will follow at 10:00 am ET. Hosted by CEO F. Quinn Stepan, Jr. and CFO Luis E. Rojo, the call is accessible via phone and webcast. Stepan produces specialty chemicals used across various industries, including surfactants and polyurethane polyols, with facilities in North and South America, Europe, and Asia.
Stepan Company (NYSE: SCL) has appointed Scott Behrens as the new President and Chief Operating Officer, effective January 1, 2021. With over 25 years at Stepan, Behrens has significantly contributed to the company's surfactant business, achieving record results through diversification and innovative technologies. He holds a Bachelor's in Chemistry from Illinois State University and an MBA from Northwestern University's Kellogg School. Stepan manufactures specialty chemicals for various industries and operates globally.
On October 20, 2020, Stepan Company (NYSE:SCL) announced a 10.9% increase in its quarterly cash dividend to $0.305 per share, payable on December 15, 2020. This increase marks the 53rd consecutive year of dividend growth, reflecting Stepan's commitment to returning value to shareholders. The record date for common stockholders is November 30, 2020. Stepan Company manufactures specialty and intermediate chemicals across various industries, with a strong market presence in surfactants and polyurethane polyols.
Stepan Company (NYSE: SCL) reported a strong third quarter for 2020 with net income increasing to $33.2 million, or $1.43 per diluted share, up from $25.9 million, or $1.11 per diluted share in the prior year. Adjusted net income rose 30% to $36.4 million, reflecting a 5% increase in sales volume. Surfactant operating income surged to $41.2 million due to heightened demand amid COVID-19. However, Polymer segment income decreased to $22.4 million, impacted by an 8% drop in North American sales. The company's cash reserves exceeded total debt, facilitating ongoing dividend payments and future growth.
Stepan Company (NYSE: SCL) will release its third quarter 2020 earnings on October 21, 2020, at 7:00 am ET. A conference call led by CEO F. Quinn Stepan, Jr. and CFO Luis E. Rojo will occur at 10:00 am ET to discuss financial performance. Stepan specializes in specialty and intermediate chemicals, focusing on surfactants, polyurethane polyols, and products for various industries. The company operates globally with production facilities in North and South America, Europe, and Asia.
On September 17, 2020, Stepan Company (NYSE: SCL) announced the completion of its acquisition of Clariant's anionic surfactant business and sulfation equipment located in Santa Clara, Mexico. The financial details of the transaction remain undisclosed. This acquisition is poised to bolster Stepan's growth strategy in Latin America, enhancing its capacity to serve customers in Mexico's Consumer and Functional surfactant markets. The transition of customer supply to Stepan's Ecatepec and Matamoros facilities is expected in the upcoming months.
On July 21, 2020, Stepan Company (NYSE:SCL) announced a quarterly cash dividend of $0.275 per share, payable on September 15, 2020, to shareholders of record as of August 31, 2020. This marks the 52nd consecutive year of dividend increases, with the last hike of $0.025 implemented in Q4 2019. Stepan Company specializes in manufacturing specialty chemicals across various industries, including surfactants and polyurethane polyols, and operates globally across North and South America, Europe, and Asia.
Stepan Company (NYSE: SCL) will release its second quarter 2020 earnings results on July 22, 2020, at 7:00 am ET. Accompanying slides will be available on the Investor Relations page. A conference call to discuss the earnings will be held on the same day at 10:00 am ET, hosted by CEO F. Quinn Stepan, Jr. and CFO Luis E. Rojo. Stepan is a prominent manufacturer of specialty chemicals, particularly surfactants and polyurethane polyols. For more details, visit www.stepan.com.
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