Stepan Reports Record Quarterly Earnings

NORTHFIELD, Ill., April 25, 2017

First Quarter Highlights

• Reported net income was a record $31.9 million, or $1.37 per diluted share versus $27.9 million, or $1.22 per diluted share, in the prior year. Adjusted net income* was a record $31.7 million, or $1.36 per diluted share versus $29.7 million, or $1.30 per diluted share, in the prior year.
• Surfactant operating income was a record $38.2 million versus $37.2 million in the prior year. This increase was primarily attributable to lower manufacturing costs, mostly resulting from previous actions taken to close plants in Canada and Brazil. Surfactant sales volume was down 7% from the prior year.
• Polymer operating income was $21.4 million versus $22.2 million in the prior year. This decrease was mostly attributable to higher costs associated with the new production facility in China and higher raw material costs. Polymer sales volume was up 8% versus prior year.
• Specialty Product operating income was $1.3 million versus $2.3 million in the prior year. This decrease was primarily attributable to order timing differences within our pharmaceutical and flavor business.

*  Adjusted net income is a non-GAAP measure which excludes deferred compensation income/ expense as well as other significant and infrequent/non-recurring items. See Table II for reconciliations of non-GAAP adjusted net income and adjusted earnings per share.

"The Company had a good start to the year and delivered record quarterly results," said F. Quinn Stepan, Jr., Chairman, President and Chief Executive Officer. "The quarter benefited from structurally lower manufacturing costs, enhanced internal efficiencies and higher Polymer volumes."

Financial Summary

		Three Months Ended March 31 ARIVA.DE Börsen-Geflüster Kurse Stepan Company 77,00 € -1,91%
($ in thousands, except per share data)		2017				2016				% Change
Net Sales		$	468,269			$	445,897				5	%
Operating Income		$	46,059			$	44,607				3	%
Net Income		$	31,913			$	27,916				14	%
Earnings per Diluted Share		$	1.37			$	1.22				12	%
Adjusted Net Income *		$	31,700			$	29,737				7	%
Adjusted Earnings per Diluted Share *		$	1.36			$	1.30				5	%
* See Table II for reconciliations of non-GAAP Adjusted Net Income and Adjusted Earnings per Diluted Share.

Summary of First Quarter Adjusted Net Income Items

Adjusted net income excludes deferred compensation income/expense, which is a non-operational item, and other significant and infrequent or non-recurring items.

• Deferred Compensation: The current year quarter includes $0.8 million of after-tax income versus $1.8 million of after-tax expense in the prior year.
• Business Restructuring: The current year quarter includes $0.6 million of after-tax expense attributable to decommissioning costs related to the Canadian plant closure announced in 2016.

Percentage Change in Net Sales

The 5% increase in quarterly net sales was primarily due to higher selling prices, which were attributable to the pass-through of higher raw material costs.  These higher selling prices were partially offset by a 4% decline in sales volume and the negative impact of foreign currency translation.

Segment Results

		Three Months Ended March 31
($ in thousands)		2017				2016				% Change
Net Sales
Surfactants		$	322,603			$	309,960				4	%
Polymers		$	126,610			$	113,898				11	% Werbung Mehr Nachrichten zur Stepan Company Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02:00 - PR Newswire Carnival PLC - Carnival Announces Closing of €500 Million 5.75% Senior Unsecured Notes Offering; Repricing of Senior Secured First Lien Term Loan B Facilities as Part of Ongoing Debt and Interest Expense Reduction 25.04.24 - PR Newswire Fidelity Japan Trust Plc - Transaction in Own Shares 25.04.24 - PR Newswire Finsbury Growth & Income Trust Plc - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59