Stepan Q1 adjusted EBITDA up 5% to $51.2M; net sales down 15% on lower pricing; reaffirms $50M cost out program

STEPAN CO

2024-Q1 EPS reported $0.61 revenue$551,418,000

Net income $13.9M ($0.61 EPS); adjusted net income $14.7M ($0.64 EPS), down 11% YoY.
Adjusted EBITDA $51.2M, up 5% YoY; Surfactants +4%, Polymers -10%, Specialty Products +49%.
Net sales $551.4M, down 15% YoY on 18% lower selling prices; volume up 1% (ex-ag & PA +4%).
Cost reduction on track: $18M pre-tax savings in Q1 toward $50M goal for 2024.
Quarterly dividend $0.375/sh declared, payable June 14, 2024; unchanged from prior quarter.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

STEPAN CO reported Three Months Ended March 31, 2024 results: revenue $551,418, net income $13.9 million, EPS $0.61 per diluted share.

Period: Three Months Ended March 31, 2024
Revenue: $551,418
Net income: $13.9 million
EPS: $0.61 per diluted share
Result: reported results

Exact text from the filing

Financial Summary Three Months Ended March 31, ($ in thousands, except per share data) 2024 2023 % Change Net Sales $ 551,418 $ 651,436 (15)% Operating Income $ 20,169 $ 21,057 (4)% Net Income $ 13,893 $ 16,142 (14)% Earnings per Diluted Share $ 0.61 $ 0.70 (13)%

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Source: SEC EDGAR

accession 0000950170-24-050194

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