Stepan Reports Record Second Quarter Results and Record First Half Earnings

Rhea-AI Summary

Stepan Company (NYSE: SCL) reported a record net income of $52.1 million, or $2.26 per diluted share, for Q2 2022, a 20% increase from $43.3 million a year prior. Adjusted net income was $53.0 million, up 26%. However, total sales volume declined by 1%. Surfactant operating income rose 5% to $48.2 million, while Polymer operating income surged 47% to $33.9 million. The company faced challenges from raw material constraints, resulting in a $1.9 million negative impact due to currency translation. The outlook remains cautiously optimistic despite inflationary pressures.

Positive

• Record net income of $52.1 million for Q2 2022, a 20% year-over-year increase.
• Adjusted net income rose 26% to $53.0 million.
• Surfactant operating income increased 5% to $48.2 million.
• Polymer operating income increased significantly by 47% to $33.9 million.
• Total net sales rose 26% year-over-year, reaching $751.6 million.
• Increased capital spending for facility advancements expected to enhance production capabilities.

Negative

• Total Company sales volume decreased by 1% year-over-year.
• Surfactant sales volume declined by 3% primarily due to raw material and logistics issues.
• Negative foreign currency impact reduced net income by $1.9 million.

NORTHBROOK, Ill., July 27, 2022 /PRNewswire/ -- Stepan Company (NYSE: SCL) today reported:

Second Quarter Highlights

• Reported net income was a record $52.1 million, or $2.26 per diluted share, versus $43.3 million, or $1.85 per diluted share, in the prior year. Adjusted net income* was a record $53.0 million, or $2.30 per diluted share, versus $42.2 million, or $1.81 per diluted share, in the prior year. Total Company sales volume declined 1% versus the prior year.
  
  
  
• Surfactant operating income was $48.2 million versus $45.9 million in the prior year. This increase was primarily driven by improved product and customer mix that was partially offset by a 3% decline in global sales volume. The lower sales volume was driven by global commodity laundry products due to raw material and logistics constraints in North American and lower demand in Latin America. Higher demand in the Functional Products, Personal Care and Institutional Cleaning end markets partially offset the above.
  
  
  
• Polymer operating income was a record $33.9 million versus $23.0 million in the prior year. This increase was primarily attributable to margin recovery, improved mix and a 2% increase in global sales volume. Global Rigid Polyol volume was up 5% versus the prior year driven by North American volume growth of 8%, partially offset by lower demand within the Phthalic Anhydride and Specialty Polyols businesses.
  
  
  
• Specialty Product operating income was a record $9.9 million versus $7.0 million in the prior year. This increase was primarily attributable to improved margins and customer mix within the medium chain triglycerides (MCTs) product line, partially offset by order timing differences within the food and flavor business.
  
  
  
• The effect of foreign currency translation negatively impacted net income by $1.9 million, or $0.08 per diluted share, versus the prior year.

First Half Highlights

• Reported net income was a record $96.9 million, or $4.19 per diluted share, versus $83.9 million, or $3.59 per diluted share, in the prior year. Adjusted net income* was a record $93.7 million, or $4.05 per diluted share, versus $84.6 million, or $3.62 per diluted share, in the prior year. Total Company sales volume was down 1% compared to the first six months of 2021. A 2% decrease in global Surfactant sales volume was partially offset by a 2% increase in global Polymer sales volume.

*

Adjusted net income is a non-GAAP measure which excludes deferred compensation income/expense, cash-settled stock appreciation rights (SARs) income/expense, legacy environmental remediation-related costs as well as other significant and infrequent/non-recurring items. See Table II for reconciliations of non-GAAP adjusted net income and earnings per diluted share

 

"The Company had a strong first half performance and delivered record results despite ongoing supply chain challenges.  Reported net income was up 16% versus the first half of 2021 while adjusted net income was up 11%," said Scott Behrens, President and Chief Executive Officer.  "For the quarter, Surfactant operating income was up 5% largely due to improved product and customer mix.  This improvement was driven by growth in our Functional Products business as a result of elevated crop and energy prices and continued growth in the construction industry, which offset a 3% decline in sales volume.  Our Polymer operating income was up 47% due to margin recovery, improved mix and 2% sales volume growth.  Our Specialty Product results improved primarily due to to margin improvement and favorable customer mix."

Financial Summary
	Three Months Ended June 30												Six Months Ended June 30
($ in thousands, except per share data)	2022				2021				% Change				2022				2021				% Change
Net Sales	$	751,633			$	595,511				26	%		$	1,426,909			$	1,133,251				26	%
Operating Income	$	77,640			$	56,657				37	%		$	140,986			$	110,571				28	%
Net Income Attributable to Stepan **	$	52,126			$	43,278				20	%		$	96,935			$	83,889				16	%
Earnings per Diluted Share	$	2.26			$	1.85				22	%		$	4.19			$	3.59				17	%
Adjusted Net Income *	$	53,009			$	42,218				26	%		$	93,736			$	84,589				11	%
Adjusted Earnings per Diluted Share *	$	2.30			$	1.81				27	%		$	4.05			$	3.62				12	%

*	See Table II for reconciliations of non-GAAP adjusted net income and earnings per diluted share.
**	Net Income Attributable to Stepan = Net Income – Net Income Attributable to Noncontrolling Interests

 

Summary of Second Quarter Adjusted Net Income Items

Adjusted net income excludes non-operational deferred compensation income/expense, cash-settled SARs income/expense,  certain environmental remediation costs and other significant and infrequent or non-recurring items.

• Deferred Compensation: The current year second quarter reported net income includes $0.5 million of after-tax expense versus $1.1 million of after-tax income in the prior year.
  
  
  
• Cash-Settled SARs: These management incentive instruments provide cash to participants equal to the appreciation on the price of specified shares of Company stock over a specified period of time. Because income or expense is recognized merely on the movement in the price of Company stock it has been excluded, similar to deferred compensation, to arrive at adjusted net income. The current year second quarter includes $0.1 million of after-tax expense versus $0.1 million of after-tax income in the prior year.
  
  
  
• Business Restructuring: Both the current and prior year second quarters include $0.1 million of after-tax decommissioning expense related to the Company's Canadian plant closure.
  
  
  
• Environmental Remediation – The second quarter 2022 adjusted net income excludes $0.2 million of after-tax expense versus no environmental remediation expense excluded from adjusted net income in the prior year.

Percentage Change in Net Sales

Net sales in the second quarter of 2022 increased 26% year-over-year primarily due to higher selling prices that were mainly attributable to the pass-through of higher raw material and logistics costs and improved product and customer mix.  These higher average selling prices were partially offset by a 1% decrease in global sales volume and the unfavorable impact of foreign currency translation.     

		Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
Volume			(1)	%			(1)	%
Selling Price & Mix			32	%			30	%
Foreign Translation			(5)	%			(3)	%
Total			26	%			26	%

 

Segment Results
		Three Months Ended June 30												Six Months Ended June 30
($ in thousands)		2022				2021				% Change				2022				2021				% Change
Net Sales
Surfactants		$	485,084			$	384,002				26	%		$	953,350			$	754,938				26	%
Polymers		$	238,885			$	190,538				25	%		$	425,964			$	340,923				25	%
Specialty Products		$	27,664			$	20,971				32	%		$	47,595			$	37,390				27	%
Total Net Sales		$	751,633			$	595,511				26	%		$	1,426,909			$	1,133,251				26	%
		Three Months Ended June 30												Six Months Ended June 30
($ in thousands)		2022				2021				% Change				2022				2021				% Change
Operating Income
Surfactants		$	48,249			$	45,896				5	%		$	102,018			$	99,106				3	%
Polymers		$	33,912			$	23,025				47	%		$	48,041			$	40,976				17	%
Specialty Products		$	9,866			$	6,977				41	%		$	13,561			$	9,610				41	%
Total Segment Operating Income		$	92,027			$	75,898				21	%		$	163,620			$	149,692				9	%
Corporate Expenses		$	(14,387)			$	(19,241)				(25)	%		$	(22,634)			$	(39,121)				(42)	%
Consolidated Operating Income		$	77,640			$	56,657				37	%		$	140,986			$	110,571				28	%

 

Total segment operating income for the second quarter of 2022 increased $16.1 million, or 21%, versus the prior year quarter.  Total segment operating income in the first half of 2022 was up $13.9 million, or 9%, versus the prior year.

• Surfactant net sales were $485.1 million for the quarter, a 26% increase versus the prior year. Selling prices were up 32% primarily due to the pass-through of higher raw material and logistics costs as well as improved product and customer mix. The unfavorable impact of foreign currency translation negatively impacted net sales by 3%. Sales volume decreased 3% year-over-year primarily due to a decline in commodity laundry products sold within the Consumer Products business, mostly attributable to raw material and logistics constraints in North America and lower demand in Latin America. Higher global demand for products sold into the Functional Products, Personal Care and Institutional Cleaning end markets largely offset the above. Surfactant operating income for the quarter increased $2.4 million, or 5%, versus the prior year primarily due to improved product and customer mix that was partially offset by supply chain challenges and a 3% decline in sales volume.
  
  
  
• Polymer net sales were $238.9 million for the quarter, a 25% increase versus the prior year. Selling prices increased 30% primarily due to the pass through of higher raw material and logistics costs. Sales volume increased 2% in the quarter primarily due to Rigid Polyol growth of 5% that was partially offset by lower demand within the Phthalic Anhydride and Specialty Polyols businesses. The translation impact of a stronger U.S. dollar negatively impacted net sales by 7%. Polymer operating income increased $10.9 million, or 47%, primarily due to margin recovery and the 2% sales volume growth.
  
  
  
• Specialty Product net sales were $27.7 million for the quarter, a 32% increase versus the prior year. Sales volume was down 7% between years while operating income improved $2.9 million, or 41%. The operating income improvement was primarily attributable to improved margins within the MCTs product line and more favorable customer mix, partially offset by order timing differences within the food and flavor business.

Corporate Expenses
		Three Months Ended June 30												Six Months Ended June 30
($ in thousands)		2022				2021				% Change				2022				2021				% Change
Total Corporate Expenses		$	14,387			$	19,241				(25)	%		$	22,634			$	39,121				(42)	%
Excluded Items:
Deferred Compensation		$	3,406			$	(958)			NM				$	10,907			$	(3,652)			NM
Business Restructuring		$	(81)			$	(114)				(29)	%		$	(133)			$	(195)				(32)	%
Adjusted Corporate Expense		$	17,712			$	18,169				(3)	%		$	33,408			$	35,274				(5)	%

* See Table III for a discussion of deferred compensation plan accounting.

    

• Corporate expenses, excluding deferred compensation and business restructuring costs, decreased $0.5 million, or 3%, versus the prior year quarter. This decrease was primarily due to lower acquisition-related expenses that were partially offset by higher incentive-based compensation expenses.

Income Taxes

The Company's effective tax rate was 24.8% in the first half of 2022 versus 24.4% in the first half of 2021.  This year-over-year increase was primarily attributable to a less favorable geographical mix of income and less favorable tax benefits derived from stock-based compensation awards in the first half of 2022 versus the first half of 2021.

Shareholder Return

The Company paid $7.5 million of dividends to shareholders and repurchased $7.0 million of Company stock in the second quarter of 2022.  During the first six months of 2022 the Company paid $15.0 million of dividends and repurchased $17.0 million of Company stock.  The Company has $133.0 million remaining under the share repurchase program authorized by its Board of Directors.  The Company has increased its dividend on the Company's common stock for 54 consecutive years.

Selected Balance Sheet Information

The Company's total debt decreased by $11.1 million and cash decreased by $41.4 million versus March 31, 2022.  The decrease in debt primarily reflects scheduled debt repayments in June 2022.  The decrease in cash primarily reflects the scheduled debt repayments plus higher working capital requirements and capital expenditures. The Company's net debt level increased $30.3 million versus March 31, 2022 and the net debt ratio increased from 21% to 23% in the quarter (Net Debt and Net Debt Ratio are non-GAAP measures).

($ in millions)	6/30/22				3/31/22				12/31/21
Net Debt
Total Debt	$	526.0			$	537.1			$	363.6
Cash		194.6				236.0				159.2
Net Debt	$	331.4			$	301.1			$	204.4
Equity		1,125.7				1,116.7				1,074.2
Net Debt + Equity	$	1,457.1			$	1,417.8			$	1,278.6
Net Debt / (Net Debt + Equity)		23	%			21	%			16	%

 

The major working capital components were:

($ in millions)	6/30/22				3/31/22				12/31/21
Net Receivables	$	518.8			$	504.5			$	419.5
Inventories		340.7				308.4				305.5
Accounts Payable		(366.2)				(350.8)				(323.4)
Total	$	493.3			$	462.1			$	401.6

Capital spending was $69.2 million during the quarter and $129.5 million during the first half of 2022.  This compares to $37.3 million and $74.9 million, respectively, in the prior year.  The year-over-year increase is primarily due to increased expenditures in the U.S. for the advancement of the Company's new alkoxylation facility in Pasadena, TX, which is expected provide flexible capacity of 75,000 metric tons per year, and new capability and capacity to produce ether sulfates that will meet upcoming regulatory limits on 1,4 dioxane.  For the full year, capital expenditures are expected to be in the range of $350 million to $375 million. 

Outlook

"The Company delivered record earnings for the second quarter and the first half of 2022," said Scott Behrens, President and Chief Executive Officer.  "Looking forward, we believe demand across our business should remain healthy but the Company will continue to be challenged by inflation, raw material and logistics constraints.  From a segment perspective, we believe that Surfactant volumes within the Functional Products end markets will show full year growth over 2021 supported by continued elevated crop and energy prices.  We believe Polymers will deliver growth versus the prior year as energy conservation efforts and more stringent building codes should have a continued positive impact on demand for our Rigid polyols.  Specialty Product results should show year over year improvement as well.   We remain cautiously optimistic about the remainder of the year despite the current inflationary environment and ongoing supply chain challenges."

Conference Call

Stepan Company will host a conference call to discuss the second quarter results at 10:00 a.m. ET (9:00 a.m. CT) on July 27, 2022. The call can be accessed by phone and webcast. Telephone access will be available by dialing 800-954-0624, and the webcast can be accessed through the Investors/Conference Calls page at www.stepan.com. A webcast replay of the conference call will be available at the same location shortly after the call.

Supporting Slides

Slides supporting this press release will be made available at www.stepan.com through the Investors/Presentations page at approximately the same time as this press release is issued.

Corporate Profile

Stepan Company is a major manufacturer of specialty and intermediate chemicals used in a broad range of industries. Stepan is a leading merchant producer of surfactants, which are the key ingredients in consumer and industrial cleaning and disinfection compounds and in agricultural and oilfield solutions. The Company is also a leading supplier of polyurethane polyols used in the expanding thermal insulation market, and CASE (Coatings, Adhesives, Sealants, and Elastomers) industries.

Headquartered in Northbrook, Illinois, Stepan utilizes a network of modern production facilities located in North and South America, Europe and Asia.

The Company's common stock is traded on the New York Stock Exchange (NYSE) under the symbol SCL. For more information about Stepan Company please visit the Company online at www.stepan.com

More information about Stepan's sustainability program can be found on the Sustainability page at www.stepan.com

Contact: Luis E. Rojo 847-446-7500

Certain information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements about Stepan Company's plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, Stepan Company's actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "should," "illustrative" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by Stepan Company and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements.

There are a number of risks, uncertainties and other important factors, many of which are beyond Stepan Company's control, that could cause actual results to differ materially from the forward-looking statements contained in this news release. Such risks, uncertainties and other important factors include, among other factors, the risks, uncertainties and factors described in Stepan Company's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports, and include (but are not limited to) risks and uncertainties related to the impact of the COVID-19 pandemic; accidents, unplanned production shutdowns or disruptions in manufacturing facilities; reduced demand due to customer product reformulations or new technologies; our inability to successfully develop or introduce new products; compliance with laws; our ability to identify suitable acquisition candidates and successfully complete and integrate acquisitions; global competition; volatility of raw material and energy costs and supply; disruptions in transportation or significant changes in transportation costs; downturns in certain industries and general economic downturns; international business risks, including currency exchange rate fluctuations, legal restrictions and taxes; unfavorable resolution of litigation against us; maintaining and protecting intellectual property rights; our ability to access capital markets; global political, military, security or other instability; costs related to expansion or other capital projects; interruption or breaches of information technology systems; our ability to retain executive management and key personnel; and our debt covenants.

These forward-looking statements are made only as of the date hereof, and Stepan Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Tables follow

 

Table I
STEPAN COMPANY For the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited – '000's Omitted)
		Three Months Ended June 30								Six Months Ended June 30
		2022				2021				2022				2021
Net Sales		$	751,633			$	595,511			$	1,426,909			$	1,133,251
Cost of Sales			620,019				483,830				1,186,076				912,590
Gross Profit			131,614				111,681				240,833				220,661
Operating Expenses:
Selling			15,552				14,990				30,829				29,494
Administrative			24,079				23,974				45,651				46,612
Research, Development and Technical Services			16,690				14,988				33,163				30,137
Deferred Compensation (Income) Expense			(3,406)				958				(10,907)				3,652
			52,915				54,910				98,736				109,895
Goodwill Impairment			978				-				978				-
Business Restructuring			81				114				133				195
Operating Income			77,640				56,657				140,986				110,571
Other Income (Expense):
Interest, Net			(2,727)				(1,567)				(5,033)				(3,091)
Other, Net			(5,369)				2,758				(7,019)				3,504
			(8,096)				1,191				(12,052)				413
Income Before Income Taxes			69,544				57,848				128,934				110,984
Provision for Income Taxes			17,418				14,545				31,999				27,070
Net Income			52,126				43,303				96,935				83,914
Net Income Attributable to Noncontrolling Interests			-				(25)				-				(25)
Net Income Attributable to Stepan Company		$	52,126			$	43,278			$	96,935			$	83,889
Net Income Per Common Share Attributable to Stepan Company
Basic		$	2.29			$	1.89			$	4.24			$	3.65
Diluted		$	2.26			$	1.85			$	4.19			$	3.59
Shares Used to Compute Net Income Per Common  Share Attributable to Stepan Company
Basic			22,792				22,952				22,842				22,963
Diluted			23,055				23,345				23,115				23,338

 

Table II
Reconciliations of Non-GAAP Net Income and Earnings per Diluted Share *
		Three Months Ended June 30																Six Months Ended June 30
($ in thousands, except per share amounts)		2022				EPS				2021				EPS				2022				EPS				2021				EPS
Net Income Reported		$	52,126			$	2.26			$	43,278			$	1.85			$	96,935			$	4.19			$	83,889			$	3.59
Deferred Compensation (Income) Expense		$	518			$	0.02			$	(1,050)			$	(0.04)			$	(3,431)			$	(0.15)			$	451			$	0.02
Business Restructuring Expense		$	61			$	0.01			$	85			$	0.00			$	100			$	0.01			$	146			$	0.01
Cash-Settled SARs (Income) Expense		$	55			$	0.00			$	(95)			$	(0.00)			$	(347)			$	(0.02)			$	103			$	0.00
Environmental Remediation Expense		$	249			$	0.01			$	-			$	-			$	479			$	0.02			$	-			$	-
Adjusted Net Income		$	53,009			$	2.30			$	42,218			$	1.81			$	93,736			$	4.05			$	84,589			$	3.62

*	All amounts in this table are presented after-tax

The Company believes that certain measures that are not in accordance with generally accepted accounting principles (GAAP), when presented in conjunction with comparable GAAP measures, are useful for evaluating the Company's operating performance and provide better clarity on the impact of non-operational items.  Internally, the Company uses this non-GAAP information as an indicator of business performance and evaluates management's effectiveness with specific reference to these indicators.  These measures should be considered in addition to, and neither a substitute for, nor superior to, measures of financial performance prepared in accordance with GAAP.

Reconciliation of Pre-Tax to After-Tax Adjustments
		Three Months Ended June 30																Six Months Ended June 30
($ in thousands, except per share amounts)		2022				EPS				2021				EPS				2022				EPS				2021				EPS
Pre-Tax Adjustments
Deferred Compensation (Income) Expense		$	681							$	(1,381)							$	(4,514)							$	594
Business Restructuring Expense		$	81							$	114							$	133							$	195
Cash-Settled SARs (Income) Expense		$	73							$	(125)							$	(455)							$	136
Environmental Remediation Expense		$	327							$	-							$	630							$	-
Total Pre-Tax Adjustments		$	1,162							$	(1,392)							$	(4,206)							$	925
Cumulative Tax Effect on Adjustments		$	(279)							$	332							$	1,007							$	(225)
After-Tax Adjustments		$	883			$	0.04			$	(1,060)			$	(0.04)			$	(3,199)			$	(0.14)			$	700			$	0.03

 

Table III
Deferred Compensation Plans
The full effect of deferred compensation plans on quarterly pre-tax income was $0.7 million of expense versus $1.4 million of income in the prior year. The year-to-date impact was $4.5 million of income versus $0.6 million of expense in the prior year.  The accounting for deferred compensation plans results in operating income when the price of Stepan Company common stock or mutual funds held in the plan fall and expense when they rise.  The Company also recognizes the change in value of mutual funds as investment income or loss.  The quarter end market prices of Company common stock were as follows:
		2022												2021
		12/31		9/30		6/30				3/31				12/31				9/30				6/30				3/31
Stepan Company		N/A		N/A		$	101.35			$	98.81			$	124.29			$	112.94			$	120.27			$	127.11

 

The deferred compensation income statement impact is summarized below:
		Three Months Ended June 30								Six Months Ended June 30
($ in thousands)		2022				2021				2022				2021
Deferred Compensation
Operating Income (Expense)		$	3,406			$	(958)			$	10,907			$	(3,652)
Other, net – Mutual Fund Gain (Loss)			(4,087)				2,339				(6,393)				3,058
Total Pretax		$	(681)			$	1,381			$	4,514			$	(594)
Total After Tax		$	(518)			$	1,050			$	3,431			$	(451)

 

Table IV
Effects of Foreign Currency Translation
The Company's foreign subsidiaries transact business and report financial results in their respective local currencies. As a result, foreign subsidiary income statements are translated into U.S. dollars at average foreign exchange rates appropriate for the reporting period. Because foreign exchange rates fluctuate against the U.S. dollar over time, foreign currency translation affects period-to-period comparisons of financial statement items (i.e., because foreign exchange rates fluctuate, similar period-to-period local currency results for a foreign subsidiary may translate into different U.S. dollar results).  Below is a table that presents the impact that foreign currency translation had on the changes in consolidated net sales and various income line items for the three and six month periods ending June 30, 2022 as compared to 2021:
($ in millions)		Three Months Ended June 30								Increase				Change Due to Foreign Currency Translation				Six Months Ended June 30								Increase				Change Due to Foreign Currency Translation
		2022				2021												2022				2021
Net Sales		$	751.6			$	595.5			$	156.1			$	(25.6)			$	1,426.9			$	1,133.3			$	293.6			$	(37.3)
Gross Profit			131.6				111.7				19.9				(3.5)				240.8				220.7				20.1				(5.2)
Operating Income			77.6				56.7				20.9				(2.5)				141.0				110.6				30.4				(3.6)
Pretax Income			69.5				57.8				11.7				(2.5)				128.9				111.0				17.9				(3.7)

 

Table V
Stepan Company Consolidated Balance Sheets June 30, 2022 and December 31, 2021
		June 30, 2022				December 31, 2021
ASSETS
Current Assets		$	1,087,367			$	913,368
Property, Plant & Equipment, Net			919,534				850,604
Other Assets			281,898				301,640
Total Assets		$	2,288,799			$	2,065,612
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities		$	638,228			$	500,476
Deferred Income Taxes			11,375				12,491
Long-term Debt			383,503				322,862
Other Non-current Liabilities			129,982				155,590
Total Stepan Company Stockholders' Equity			1,125,711				1,074,193
Noncontrolling Interest			-				-
Total Liabilities and Stockholders' Equity		$	2,288,799			$	2,065,612

 

View original content:https://www.prnewswire.com/news-releases/stepan-reports-record-second-quarter-results-and-record-first-half-earnings-301594055.html

SOURCE Stepan Company

FAQ

What were the earnings for Stepan Company (SCL) in Q2 2022?

Stepan Company reported a record net income of $52.1 million, or $2.26 per diluted share, for Q2 2022.

How did Stepan Company's (SCL) sales perform in Q2 2022?

Total net sales for Stepan Company reached $751.6 million in Q2 2022, a 26% increase compared to the previous year.

What challenges did Stepan Company (SCL) face in Q2 2022?

The company faced challenges from raw material constraints and a 1% decline in total sales volume.

What is the outlook for Stepan Company (SCL) following Q2 2022 results?

The company remains cautiously optimistic about future demand despite ongoing inflation and supply chain challenges.