Stepan Reports Record Second Quarter Results and Record First Half Earnings

Rhea-AI Summary

Stepan Company (NYSE: SCL) has reported record second quarter net income of $43.3 million ($1.85 per share), up from $35.7 million ($1.54 per share) year-over-year. Adjusted net income for the quarter was $42.2 million ($1.81 per share), marking a 10% increase. Overall sales volume rose by 5%, but surfactant operating income fell by 5% due to inflation and maintenance costs. Polymer sales soared 70%, fueled by a 44% surge in global sales volume. The company aims for growth despite challenges in the consumer market and ongoing raw material price increases.

Positive

• Record net income of $43.3 million for Q2 2021, up 21% year-over-year.
• Adjusted net income increased 10% to $42.2 million.
• Total sales volume up 5%, with a 70% increase in Polymer sales driven by acquisition.
• Consistent dividend payments with a long history of increases.

Negative

• Surfactant operating income decreased 5% due to inflation and maintenance costs.
• 6% decline in global surfactant sales volume primarily in consumer markets.
• Challenging outlook for surfactant volumes in North American consumer products.

NORTHFIELD, Ill., July 28, 2021 /PRNewswire/ -- Stepan Company (NYSE: SCL) today reported:

Second Quarter Highlights

• Reported net income was a record $43.3 million, or $1.85 per diluted share, versus $35.7 million, or $1.54 per diluted share, in the prior year.  Adjusted net income* was a second quarter record $42.2 million, or $1.81 per diluted share, versus $38.3 million, or $1.65 per diluted share, in the prior year.  Total Company sales volume increased 5% versus the prior year.
  
  
• Surfactant operating income was $45.9 million versus $48.5 million in the prior year. This decrease was largely attributable to higher North American supply chain costs due to inflationary pressures and higher planned maintenance costs.  Global Surfactant sales volume decreased 6% but the associated impact was more than offset by improved margins, product and customer mix.  Consumer product sales volume was negatively impacted by feedstock supply issues following the first quarter 2021 severe weather in Texas, customer inventory rebalancing efforts and lower demand for cleaning products versus the pandemic peak in 2020.  Higher demand for products sold into our institutional cleaning and functional product end markets partially offset the above.
  
     
• Polymer operating income was $23.0 million versus $15.5 million in the prior year.  This increase was primarily attributable to a 44% increase in global Polymer sales volume.  Global rigid polyol volume was up 41% versus the prior year largely due to the INVISTA polyester polyol acquisition.  Global rigid polyol volume, excluding the INVISTA acquisition, was up 7% versus the prior year. Higher demand within the phthalic anhydride and specialty polyols businesses also contributed to the sales volume growth.
  
  
• Specialty Product operating income was $7.0 million versus $3.2 million in the prior year.  This increase was primarily attributable to order timing differences within our food and flavor business and improved margins within our medium chain triglycerides (MCT) product line.
  
  
• The effect of foreign currency translation positively impacted net sales by 4% and net income by $1.4 million, or $0.06 per diluted share, versus the prior year.

First Half Highlights

• Reported net income was a record $83.9 million, or $3.59 per diluted share, versus $63.3 million, or $2.72 per diluted share, in the prior year.  Adjusted net income* was a record $84.6 million, or $3.62 per diluted share, versus $62.5 million, or $2.69 per diluted share, in the prior year.  The prior year first half results were negatively impacted by the first quarter 2020 Millsdale, IL plant power outage.  Total Company sales volume was up 6% compared to the first six months of 2020.  A 39% increase in global Polymer sales volume was partially offset by a 3% decrease in global Surfactant sales volume. 

*

Adjusted net income is a non-GAAP measure which excludes deferred compensation income/expense, cash-settled stock appreciation rights (SARs) income/expense, 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 solid first half of 2021 and delivered record year-to-date results.  Both adjusted net income and adjusted EPS were up 35% versus the first half of 2020 which was negatively impact by the Millsdale plant outage," said F. Quinn Stepan, Jr., Chairman and Chief Executive Officer.  "For the quarter, Surfactant operating income was down 5% largely due to higher North American supply chain costs driven by inflationary pressures and higher planned maintenance.  A 6% decline in global Surfactant sales volume, mostly related to our consumer product business, was more than offset by improved margins, product and customer mix.  Our Polymer operating income was up 48% on the strength of 44% global sales volume growth.  The Polymer growth was driven by both the INVISTA acquisition and organic market growth.  Our Specialty Product business results were up due to higher volume and improved margins."

Financial Summary

	Three Months Ended June 30												Six Months Ended June 30
($ in thousands, except per share data)	2021				2020				% Change				2021				2020				% Change
Net Sales	$	595,511			$	460,549				29	%		$	1,133,251			$	910,536				24	%
Operating Income	$	56,657			$	44,623				27	%		$	110,571			$	84,627				31	%
Net Income Attributable to Stepan **	$	43,278			$	35,707				21	%		$	83,889			$	63,252				33	%
Earnings per Diluted Share	$	1.85			$	1.54				20	%		$	3.59			$	2.72				32	%
Adjusted Net Income *	$	42,218			$	38,315				10	%		$	84,589			$	62,473				35	%
Adjusted Earnings per Diluted Share *	$	1.81			$	1.65				10	%		$	3.62			$	2.69				35	%

*	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 and other significant and infrequent or non-recurring items.

• Deferred Compensation:  The current year second quarter reported net income includes $1.1 million of after-tax income versus $1.9 million of after-tax expense 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 income versus $0.5 million of after-tax expense in the prior year.
  
  
• Business Restructuring:  The current year second quarter includes $0.1 million of after-tax decommissioning expense related to the Company's Canadian plant closure versus $0.2 million of after-tax expense in the prior year.

Percentage Change in Net Sales

Net sales in the second quarter of 2021 increased 29% year-over-year due to higher selling prices, mainly due to improved product and customer mix and the pass-through of higher raw material costs, a 5% increase in global sales volume and the favorable impact of foreign currency translation.  The increase in sales volume was predominantly due to Polymer sales growth of 44%.   

		Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
Volume			5	%			6	%
Selling Price & Mix			20	%			16	%
Foreign Translation			4	%			2	%
Total			29	%			24	%

 

Segment Results
		Three Months Ended June 30												Six Months Ended June 30
($ in thousands)		2021				2020				% Change				2021				2020				% Change
Net Sales
Surfactants		$	384,002			$	332,335				16	%		$	754,938			$	659,406				14	%
Polymers		$	190,538			$	112,409				70	%		$	340,923			$	218,900				56	%
Specialty Products		$	20,971			$	15,805				33	%		$	37,390			$	32,230				16	%
Total Net Sales		$	595,511			$	460,549				29	%		$	1,133,251			$	910,536				24	%
		Three Months Ended June 30												Six Months Ended June 30
($ in thousands)		2021				2020				% Change				2021				2020				% Change
Operating Income
Surfactants		$	45,896			$	48,503				(5)	%		$	99,106			$	84,659				17	%
Polymers		$	23,025			$	15,527				48	%		$	40,976			$	23,043				78	%
Specialty Products		$	6,977			$	3,226				116	%		$	9,610			$	7,210				33	%
Total Segment Operating Income		$	75,898			$	67,256				13	%		$	149,692			$	114,912				30	%
Corporate Expenses		$	(19,241)			$	(22,633)				(15)	%		$	(39,121)			$	(30,285)				29	%
Consolidated Operating Income		$	56,657			$	44,623				27	%		$	110,571			$	84,627				31	%

 

Total segment operating income increased $8.6 million, or 13%, versus the prior year quarter.  Total segment operating income in the first half of 2021 increased $34.8 million, or 30%, versus the prior year.

• Surfactant net sales were $384.0 million for the quarter, a 16% increase versus the prior year.  Selling prices were up 17% primarily due to improved product and customer mix as well as the pass-through of higher raw material costs. The effect of foreign currency translation positively impacted net sales by 5%. Sales volume in the second quarter of 2021 decreased 6% year-over-year. Most of this decrease reflects lower sales volume into the North American consumer product end markets as a result of feedstock supply issues, customer inventory rebalancing efforts and lower demand for consumer cleaning, disinfection and personal wash products versus the pandemic peak in 2020. Higher demand for products sold into our institutional cleaning and functional product end markets partially offset the above. Surfactant operating income for the quarter decreased $2.6 million, or 5%, versus the prior year quarter primarily due higher North American supply chain costs related to inflationary pressures and planned higher maintenance costs. Improved margins, product and customer mix partially offset the impact of the 6% decline in global sales volume and higher supply chain costs. Latin American operating results benefited from a $2.1 million VAT tax recovery in the current year quarter.
  
  
• Polymer net sales were $190.5 million for the quarter, a 70% increase versus the prior year.  Sales volume increased 44% in the quarter primarily due to 41% growth in rigid polyol demand.  Global rigid polyol volume, excluding the INVISTA acquisition, was up 7% versus the prior year.  Higher demand within the phthalic anhydride and specialty polyols businesses also contributed to the sales volume growth.  Selling prices increased 21% and the translation impact of a weaker U.S. dollar positively increased net sales by 5%.  Polymer operating income increased $7.5 million, or 48%, primarily due to the strong sales volume growth.  
  
    
• Specialty Product net sales were $21.0 million for the quarter, up 33% versus the prior year.  Sales volume was up 17% between quarters and operating income increased $3.8 million, or 116%.  The operating income increase was primarily attributable to order timing differences within our food and flavor business and improved margins within our medium chain triglycerides product line.

 

Corporate Expenses
		Three Months Ended June 30												Six Months Ended June 30
($ in thousands)		2021				2020				% Change				2021				2020				% Change
Total Corporate Expenses		$	19,241			$	22,633				(15)	%		$	39,121			$	30,285				29	%
Less:
Deferred Compensation		$	(958)			$	(6,464)				(85)	%		$	(3,652)			$	859			NM
Business Restructuring		$	(114)			$	(225)				(49)	%		$	(195)			$	(582)				(66)	%
Adjusted Corporate Expense		$	18,169			$	15,944				14	%		$	35,274			$	30,562				15	%

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

 

• Corporate expenses, excluding deferred compensation and business restructuring costs, increased $2.2 million, or 14%, versus the prior year quarter.  The quarterly increase was primarily due to the non-recurrence of a sales and use tax refund received in the second quarter of 2020 combined with higher acquisition-related expenses, insurance premiums and cloud application costs in 2021.     

Income Taxes

The Company's effective tax rate was 24.4% for the first half of 2021 versus 23.9% for the first half of 2020.  This year-over-year increase was primarily attributable to a less favorable geographical mix of income in the first half of 2021 versus 2020, partially offset by higher tax benefits derived from stock-based compensation awards exercised or distributed in the first half of 2021 versus 2020.      

Shareholder Return

The Company paid $6.9 million of dividends to shareholders and repurchased $9.9 million of Company stock in the second quarter of 2021.  During the first six months of 2021 the Company paid $13.7 million of dividends and repurchased $10.9 million of Company stock.  The Company has 93,829 shares remaining under its Board of Directors' share repurchase authorization.  The Company has increased its dividend on the Company's common stock for 53 consecutive years. 

Selected Balance Sheet Information

The Company's net debt level increased $14.1 million versus the first quarter of 2021 while the net debt ratio increased from 9% to 10%.  The increase in net debt reflects a $23.6 million decrease in cash and a $9.5 million decrease in debt.  The decrease in cash was driven by scheduled debt repayments in June 2021 and higher working capital requirements.      

($ in millions)	6/30/21				3/31/21				12/31/20
Net Debt
Total Debt	$	238.9			$	248.4			$	198.7
Cash		127.1				150.7				349.9
Net Debt	$	111.8			$	97.7			$	(151.2)
Equity		1,048.8				1,002.3				986.7
Net Debt + Equity	$	1,160.6			$	1,100.0			$	835.5
Net Debt / (Net Debt + Equity)		10	%			9	%			-18	%

The major working capital components were:

($ in millions)	6/30/21				3/31/21				12/31/20
Net Receivables	$	391.7			$	380.6			$	301.3
Inventories		266.1				235.1				218.8
Accounts Payable		(286.9)				(264.2)				(236.8)
Total	$	370.9			$	351.5			$	283.3

Capital spending was $37.3 million during the quarter and $74.9 million during the first half of 2021.  This compares to $21.5 million and $54.7 million, respectively, in the prior year.  For the full year, capital expenditures are expected to be in the range of $150 million to $170 million. 

Outlook

"The Company delivered record earnings in the first half of 2021," said F. Quinn Stepan, Jr., Chairman and Chief Executive Officer.  "Looking forward, we believe our Surfactant volumes in the North American consumer product end markets will be challenged versus peak pandemic levels in 2020.  While we believe institutional cleaning volume will continue to grow versus prior year, we do not believe it will compensate for lower consumer consumption of cleaning, disinfection and personal wash products.  We anticipate that demand for surfactants within the agricultural and oilfield markets will benefit from higher agricultural and commodity prices and improve versus 2020.  Global demand for rigid polyols continues to recover from pandemic-related delays and cancellations of re-roofing and new construction projects.  This recovery, combined with our first quarter 2021 acquisition of INVISTA's aromatic polyester polyol business, should position our Polymer business to deliver growth versus prior year.  We believe the long-term prospects for rigid polyols remain attractive as energy conservation efforts and more stringent building codes are expected to continue.  We anticipate our Specialty Product business results will improve slightly year-over-year.  Despite continued raw material price increases, supply chain inflationary pressures and planned second half maintenance expenses, we remain cautiously optimistic about the remainder of the year."       

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 28, 2021. The call can be accessed by phone and webcast. Telephone access will be available by dialing +1 (800) 584-2088, 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 Northfield, 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.

 

Table I
STEPAN COMPANY For the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited – '000's Omitted)
		Three Months Ended June 30								Six Months Ended June 30
		2021				2020				2021				2020
Net Sales		$	595,511			$	460,549			$	1,133,251			$	910,536
Cost of Sales			483,830				362,054				912,590				732,772
Gross Profit			111,681				98,495				220,661				177,764
Operating Expenses:
Selling			14,990				12,921				29,494				26,453
Administrative			23,974				20,731				46,612				39,603
Research, Development and Technical Services			14,988				13,531				30,137				27,358
Deferred Compensation (Income) Expense			958				6,464				3,652				(859)
			54,910				53,647				109,895				92,555
Business Restructuring			114				225				195				582
Operating Income			56,657				44,623				110,571				84,627
Other Income (Expense):
Interest, Net			(1,567)				(1,259)				(3,091)				(2,489)
Other, Net			2,758				4,437				3,504				1,175
			1,191				3,178				413				(1,314)
Income Before Income Taxes			57,848				47,801				110,984				83,313
Provision for Income Taxes			14,545				11,958				27,070				19,931
Net Income			43,303				35,843				83,914				63,382
Net Income Attributable to Noncontrolling Interests			(25)				(136)				(25)				(130)
Net Income Attributable to Stepan Company		$	43,278			$	35,707			$	83,889			$	63,252
Net Income Per Common Share Attributable to Stepan Company
Basic		$	1.89			$	1.56			$	3.65			$	2.75
Diluted		$	1.85			$	1.54			$	3.59			$	2.72
Shares Used to Compute Net Income Per Common  Share Attributable to Stepan Company
Basic			22,952				22,923				22,963				22,973
Diluted			23,345				23,184				23,338				23,235

 

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)		2021				EPS				2020				EPS				2021				EPS				2020				EPS
Net Income Reported		$	43,278			$	1.85			$	35,707			$	1.54			$	83,889			$	3.59			$	63,252			$	2.72
Deferred Compensation (Income) Expense		$	(1,050)			$	(0.04)			$	1,938			$	0.08			$	451			$	0.02			$	(920)			$	(0.04)
Business Restructuring Expense		$	85			$	0.00			$	168			$	0.01			$	146			$	0.01			$	431			$	0.02
Cash-Settled SARs (Income) Expense		$	(95)			$	(0.00)			$	502			$	0.02			$	103			$	0.00			$	(290)			$	(0.01)
Adjusted Net Income		$	42,218			$	1.81			$	38,315			$	1.65			$	84,589			$	3.62			$	62,473			$	2.69

*	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)		2021				EPS				2020				EPS				2021				EPS				2020				EPS
Pre-Tax Adjustments
Deferred Compensation (Income) Expense		$	(1,381)							$	2,550							$	594							$	(1,210)
Business Restructuring Expense		$	114							$	225							$	195							$	582
Cash-Settled SARs (Income) Expense		$	(125)							$	661							$	136							$	(381)
Total Pre-Tax Adjustments		$	(1,392)							$	3,436							$	925							$	(1,009)
Cumulative Tax Effect on Adjustments		$	332							$	(828)							$	(225)							$	230
After-Tax Adjustments		$	(1,060)			$	(0.04)			$	2,608			$	0.11			$	700			$	0.03			$	(779)			$	(0.03)

 

Table III
Deferred Compensation Plans
The full effect of deferred compensation plans on quarterly pre-tax income was $1.4 million of income versus $2.6 million of expense in the prior year. The year to date impact was $0.6 million of expense versus $1.2 million of income 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:
		2021												2020
		12/31		9/30		6/30				3/31				12/31				9/30				6/30				3/31
Stepan Company		N/A		N/A		$	120.27			$	127.11			$	119.32			$	109.00			$	97.10			$	88.46

 

The deferred compensation income statement impact is summarized below:
		Three Months Ended June 30								Six Months Ended June 30
($ in thousands)		2021				2020				2021				2020
Deferred Compensation
Operating Income (Expense)		$	(958)			$	(6,464)			$	(3,652)			$	859
Other, net – Mutual Fund Gain			2,339				3,914				3,058				351
Total Pretax		$	1,381			$	(2,550)			$	(594)			$	1,210
Total After Tax		$	1,050			$	(1,938)			$	(451)			$	920

 

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, 2021 as compared to 2020:
($ in millions)		Three Months Ended June 30								Increase				Increase Due to Foreign Currency Translation				Six Months Ended June 30								Increase				Increase Due to Foreign Currency Translation
		2021				2020												2021				2020
Net Sales		$	595.5			$	460.5			$	135.0			$	20.3			$	1,133.3			$	910.5			$	222.8			$	24.6
Gross Profit			111.7				98.5				13.2				2.7				220.7				177.8				42.9				2.9
Operating Income			56.7				44.6				12.1				1.7				110.6				84.6				26.0				1.6
Pretax Income			57.8				47.8				10.0				1.9				111.0				83.3				27.7				2.0

 

Table V
Stepan Company Consolidated Balance Sheets June 30, 2021 and December 31, 2020
		June 30, 2021				December 31, 2020
ASSETS
Current Assets		$	815,855			$	905,651
Property, Plant & Equipment, Net			764,784				682,667
Other Assets			306,666				164,018
Total Assets		$	1,887,305			$	1,752,336
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities		$	464,501			$	416,554
Deferred Income Taxes			9,995				20,745
Long-term Debt			196,529				160,812
Other Non-current Liabilities			165,764				165,860
Total Stepan Company Stockholders' Equity			1,048,801				986,693
Noncontrolling Interest			1,715				1,672
Total Liabilities and Stockholders' Equity		$	1,887,305			$	1,752,336

 

 

View original content:https://www.prnewswire.com/news-releases/stepan-reports-record-second-quarter-results-and-record-first-half-earnings-301342926.html

SOURCE Stepan Company

FAQ

What were Stepan Company's second quarter earnings results for 2021?

Stepan Company reported a record net income of $43.3 million, or $1.85 per diluted share, for Q2 2021, a 21% increase from the previous year.

How did Stepan Company's Polymer sales perform in Q2 2021?

Polymer sales increased by 70% in Q2 2021, driven by a 44% growth in global sales volume.

What challenges is Stepan Company facing in the surfactant market?

Stepan Company is experiencing a 6% decline in global surfactant sales volume, primarily in the consumer market, due to inventory rebalancing and lower demand.

What is the outlook for Stepan Company following the second quarter results?

The company anticipates a challenging environment for surfactant volumes in consumer products but expects growth in other markets, such as institutional cleaning.