Stepan Q1 net income falls 64% to $16.1M ($0.70 EPS); sales volume down 14%

STEPAN CO

2023-Q1 EPS reported $0.70 revenue$651,436,000

Reported EPS $0.70 vs $1.93 prior year; adjusted EPS $0.71 vs $1.76.
Net sales $651.4M (-4%); volume decline of 14% partially offset by 12% higher pricing/mix.
Surfactant operating income $27.1M (-50%); Polymer op. income $10.0M (-29%) on volume drops.
Company expects Q2 volumes to remain depressed, but H2 year-over-year growth from new business and low base.
Quarterly dividend declared at $0.365/share, payable June 15, unchanged from prior quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

STEPAN CO reported the first quarter ended March 31, 2023 results: revenue $ 651,436, net income $ 16,142, EPS $ 0.70.

Period: the first quarter ended March 31, 2023
Revenue: $ 651,436
Net income: $ 16,142
EPS: $ 0.70
Result: reported results

Exact text from the filing

Financial Summary Three Months Ended March 31 ($ in thousands, except per share data) 2023 2022 % Change Net Sales $ 651,436 $ 675,276 (4 )% Operating Income $ 21,057 $ 63,346 (67 )% Net Income $ 16,142 $ 44,809 (64 )% Earnings per Diluted Share $ 0.70 $ 1.93 (64 )%

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Source: SEC EDGAR

accession 0000950170-23-014241

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