NORTHFIELD, Ill., April 27, 2021 /PRNewswire/ -- Stepan
Company (NYSE: SCL) today reported:
First Quarter Highlights
- Reported net income was a record $40.6
million, or $1.74 per diluted
share versus $27.5 million, or
$1.18 per diluted share, in the prior
year. Adjusted net income* was a record $42.4 million, or $1.82 per diluted share versus $24.2 million, or $1.04 per diluted share, in the prior year. Total
Company sales volume increased 6% versus the prior year.
- Surfactant operating income was $53.2
million versus $36.2 million
in the prior year. This increase was primarily driven by improved
product and customer mix and higher global demand in the
agricultural and oil field end markets, partially offset by lower
North American sales volume into the consumer product end markets
due to supplier force majeures following the severe weather in
Texas. The Company also
experienced lower supply chain expenses in the current year quarter
due to the non-recurrence of the Q1 2020 Millsdale plant power
outage. Total global Surfactant sales volume was flat versus the
prior year.
- Polymer operating income was $18.0
million versus $7.5 million in
the prior year. This increase was primarily attributable to a 32%
increase in global sales volume. Global rigid polyol volume was up
32% versus the prior year largely due to the INVISTA polyester
polyol acquisition. Global rigid polyol volume, excluding the
INVISTA acquisition, was up 8% versus the prior year. The Company
also experienced lower supply chain expenses due to the
non-recurrence of the Q1 2020 Millsdale plant power outage.
- Specialty Product operating income was $2.6 million versus $4.0
million in the prior year. This decrease was primarily
attributable to lower margins, resulting from raw material
shortages and manufacturing challenges, within our medium chain
triglycerides (MCTs) product line.
* 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 adjusted
earnings per share.
"The Company had a good start to the year and delivered
record quarterly income. Both adjusted net income and
adjusted EPS were up 75% versus the prior year first quarter which
was negatively impacted by the Millsdale plant power outage," said
F. Quinn Stepan Jr., Chairman and
Chief Executive Officer. "Surfactant operating income was up
47% primarily due to improved customer and product mix. Our
Polymer operating income was up 139% on the strength of 32% global
sales volume growth. The Polymer volume growth was driven by
both the INVISTA acquisition and organic market growth. Our
Specialty Product business results were down due to lower margins
within our MCTs product line. From a balance sheet
perspective, the Company exceeded $1
billion of equity for the first time."
Financial Summary
|
|
Three Months Ended
March
31
|
|
($ in thousands,
except per share data)
|
|
2021
|
|
|
2020
|
|
|
%
Change
|
|
Net Sales
|
|
$
|
537,740
|
|
|
$
|
449,987
|
|
|
|
20
|
%
|
Operating
Income
|
|
$
|
53,914
|
|
|
$
|
40,004
|
|
|
|
35
|
%
|
Net Income
Attributable to Stepan **
|
|
$
|
40,611
|
|
|
$
|
27,545
|
|
|
|
47
|
%
|
Earnings per Diluted
Share
|
|
$
|
1.74
|
|
|
$
|
1.18
|
|
|
|
47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
*
|
|
$
|
42,372
|
|
|
$
|
24,158
|
|
|
|
75
|
%
|
Adjusted Earnings per
Diluted Share *
|
|
$
|
1.82
|
|
|
$
|
1.04
|
|
|
|
75
|
%
|
|
* See Table II for
reconciliations of non-GAAP adjusted net income and earnings per
diluted share.
* * Net Income
Attributable to Stepan = Net Income - Net Loss Attributable to
Noncontrolling Interests.
|
Summary of First 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 quarter
includes $1.5 million of after-tax
expense versus $2.9 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 quarter includes $0.2 million of after-tax expense versus
$0.8 million of after-tax income in
the prior year.
- Business Restructuring: The current year quarter
includes $0.1 million of after-tax
decommissioning expense related to the Company's Canadian plant
closure versus $0.3 million of
after-tax expense in the prior year.
Percentage Change in Net Sales
Net sales in the first quarter increased 20% year-over-year due
to higher selling prices, mainly attributable to improved product
and customer mix and the pass-through of higher raw material costs,
a 6% increase in global sales volume and the favorable impact of
foreign currency translation. The increase in sales volume
was predominantly due to Polymer sales growth of 32%.
|
|
Three Months Ended
March 31, 2021
|
|
Volume
|
|
|
6
|
%
|
Selling Price &
Mix
|
|
|
13
|
%
|
Foreign Currency
Translation
|
|
|
1
|
%
|
Total
|
|
|
20
|
%
|
Segment Results
|
|
Three Months Ended
March
31
|
|
($ in
thousands)
|
|
2021
|
|
|
2020
|
|
|
%
Change
|
|
Net
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Surfactants
|
|
$
|
370,936
|
|
|
$
|
327,071
|
|
|
|
13
|
%
|
Polymers
|
|
$
|
150,385
|
|
|
$
|
106,491
|
|
|
|
41
|
%
|
Specialty
Products
|
|
$
|
16,419
|
|
|
$
|
16,425
|
|
|
|
(0)
|
%
|
Total Net
Sales
|
|
$
|
537,740
|
|
|
$
|
449,987
|
|
|
|
20
|
%
|
|
|
|
|
|
|
Three Months Ended
March
31
|
|
($ in thousands,
all amounts pre-tax)
|
|
2021
|
|
|
2020
|
|
|
%
Change
|
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Surfactants
|
|
$
|
53,210
|
|
|
$
|
36,156
|
|
|
|
47
|
%
|
Polymers
|
|
$
|
17,951
|
|
|
$
|
7,516
|
|
|
|
139
|
%
|
Specialty
Products
|
|
$
|
2,633
|
|
|
$
|
3,984
|
|
|
|
(34)
|
%
|
Segment Operating
Income
|
|
$
|
73,794
|
|
|
$
|
47,656
|
|
|
|
55
|
%
|
Corporate Expenses
|
|
$
|
(19,880)
|
|
|
$
|
(7,652)
|
|
|
|
160
|
%
|
Consolidated Operating
Income
|
|
$
|
53,914
|
|
|
$
|
40,004
|
|
|
|
35
|
%
|
Total segment operating income increased $26.1 million, or 55%, versus the prior
year.
- Surfactant net sales were $370.9
million for the quarter, a 13% increase versus the prior
year. Selling prices were up 13% primarily due to improved
product and customer mix and the pass-through of higher raw
material costs. The effect of foreign currency translation
was negligible year-over-year and sales volume was flat versus the
prior year. Higher demand for products sold into our functional
product end markets, principally agricultural and oilfield, offset
lower North American sales volume into our consumer product end
markets due to supplier force majeures following the severe weather
in Texas. Surfactant operating income for the quarter
increased $17.1 million, or 47%,
versus the prior year primarily due to improved product and
customer mix and lower supply chain expenses in the current year
quarter due to the non-recurrence of the Q1 2020 Millsdale plant
power outage.
- Polymer net sales were $150.4
million in the quarter, a 41% increase versus the prior
year. Total sales volume increased 32% in the quarter
primarily due to 32% growth in rigid polyol demand. Global
rigid polyol volume, excluding the INVISTA acquisition, was up 8%
versus the prior year. Phthalic anhydride sales volume was
also up versus the prior year quarter due to the non-recurrence of
the Millsdale power outage which resulted in the Company declaring
force majeure within this market in 2020. Selling prices
increased 7% and the translation impact of a weaker U.S. dollar
positively impacted net sales by 2%. Polymer operating income
increased $10.4 million, or 139%,
primarily due to the strong sales volume growth and lower supply
chain expenses due to the non-recurrence of the Q1 2020 Millsdale
plant power outage.
- Specialty Products net sales were $16.4
million for the quarter, flat versus prior year. Sales
volume was up 4% between quarters and operating income declined
$1.4 million, or 34%. The
operating income decrease was primarily attributable to lower
margins within our MCTs product line.
Corporate Expenses
|
|
Three Months Ended
March 31
|
|
($ in
thousands)
|
|
2021
|
|
2020
|
|
%
Change
|
|
Total
- Corporate Expenses
|
|
$
|
19,880
|
|
$
|
7,652
|
|
|
160
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Deferred
Compensation Expense/(Income)
|
|
$
|
2,694
|
|
$
|
(7,323)
|
|
NM
|
|
Business
Restructuring Expense
|
|
$
|
81
|
|
$
|
357
|
|
|
(77)
|
%
|
Adjusted Corporate
Expenses
|
|
$
|
17,105
|
|
$
|
14,618
|
|
|
17
|
%
|
|
* See Table III
for a discussion of deferred compensation plan
accounting.
|
- Corporate expenses, excluding deferred compensation and
business restructuring costs, increased $2.5
million, or 17%, versus the prior year quarter. This
increase was primarily due to higher acquisition-related and
incentive-based compensation expenses.
Income Taxes
The Company's effective tax rate was 23.6% in the first quarter
of 2021 versus 22.5% in the first quarter of 2020. This increase
was primarily attributable to a less favorable geographical mix of
income that was partially offset by higher tax benefits derived
from stock-based compensation awards exercised or distributed in
the first quarter of 2021 versus the first quarter of
2020.
Shareholder Return
The Company paid $6.9 million of dividends to shareholders
and repurchased $1.0 million of
Company stock in the first quarter of 2021. The Company has
167,574 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 $248.9 million versus prior year-end and the net
debt ratio increased from -18% to 9%. The increase in net
debt was mostly due to a $199.2
million cash reduction which primarily reflects cash paid to
purchase INVISTA's aromatic polyester polyol business and
associated assets in the first quarter of 2021. The Company
also experienced higher working capital requirements which is
typical for the first quarter. Total debt increased
$49.7 million primarily due to
borrowings against the Company's $350MM revolving credit
agreement.
($ in
millions)
|
|
March 31,
2021
|
|
|
December 31,
2020
|
|
Net Debt
|
|
|
|
|
|
|
|
|
Total Debt
|
|
$
|
248.4
|
|
|
$
|
198.7
|
|
Cash
|
|
|
150.7
|
|
|
|
349.9
|
|
Net Debt
|
|
$
|
97.7
|
|
|
$
|
(151.2)
|
|
Equity
|
|
|
1,002.3
|
|
|
|
986.7
|
|
Net Debt +
Equity
|
|
$
|
1,100.0
|
|
|
$
|
835.5
|
|
Net Debt / (Net Debt
+ Equity)
|
|
|
9
|
%
|
|
|
-18
|
%
|
The major working capital components were:
($ in
millions)
|
|
March 31,
2021
|
|
|
December 31,
2020
|
Net
Receivables
|
|
$
|
380.6
|
|
|
$
|
301.3
|
Inventories
|
|
|
235.1
|
|
|
|
218.8
|
Accounts
Payable
|
|
|
(264.2)
|
|
|
|
(236.8)
|
Net
Total
|
|
$
|
351.5
|
|
|
$
|
283.3
|
Capital spending was $37.6 million
versus $33.2 million in the prior
year quarter. For the full year, capital expenditures are expected
to be in the range of $150 million to
$170 million.
Outlook
"The Company delivered record quarterly earnings in the first
quarter 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 should recover following the supply
chain disruptions caused by the severe weather in Texas. We
believe that heightened consumer demand for disinfection, cleaning
and personal wash products will continue. We anticipate that
demand for surfactants within the agricultural and oilfield markets
will 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 gradual
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 current raw material price increases
and some supply constraints, we are cautiously optimistic about the
remainder of the year."
Conference Call
Stepan Company will host a conference call to discuss the first
quarter results at 8:00 a.m. ET
(7:00 a.m. CT) on April 27, 2021. The call can be accessed by phone
and webcast. Telephone access will be available by dialing +1
(800) 909-4756, 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 Investor/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.
Tables follow
Table
I
|
|
STEPAN
COMPANY For the Three Months Ended March 31, 2021 and
2020 (Unaudited – '000s Omitted)
|
|
|
|
Three Months Ended
March
31
|
|
|
|
2021
|
|
2020
|
Net
Sales
|
|
$
|
537,740
|
|
$
|
449,987
|
Cost of
Sales
|
|
|
428,760
|
|
|
370,718
|
Gross
Profit
|
|
|
108,980
|
|
|
79,269
|
Operating
Expenses:
|
|
|
|
|
|
|
Selling
|
|
|
14,504
|
|
|
13,532
|
Administrative
|
|
|
22,638
|
|
|
18,872
|
Research, Development
and Technical Services
|
|
|
15,149
|
|
|
13,827
|
Deferred Compensation
(Income) Expense
|
|
|
2,694
|
|
|
(7,323)
|
|
|
|
54,985
|
|
|
38,908
|
|
|
|
|
|
|
|
Business
Restructuring
|
|
|
81
|
|
|
357
|
Operating
Income
|
|
|
53,914
|
|
|
40,004
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
Interest,
Net
|
|
|
(1,524)
|
|
|
(1,230)
|
Other, Net
|
|
|
746
|
|
|
(3,262)
|
|
|
|
(778)
|
|
|
(4,492)
|
|
|
|
|
|
|
|
Income Before
Income Taxes
|
|
|
53,136
|
|
|
35,512
|
Provision for
Income Taxes
|
|
|
12,525
|
|
|
7,973
|
Net
Income
|
|
|
40,611
|
|
|
27,539
|
Net Loss
Attributable to Noncontrolling Interests
|
|
|
|
|
|
6
|
Net Income
Attributable to Stepan Company
|
|
$
|
40,611
|
|
$
|
27,545
|
Net Income Per
Common Share Attributable to Stepan Company
|
|
|
|
|
|
|
Basic
|
|
$
|
1.77
|
|
$
|
1.20
|
Diluted
|
|
$
|
1.74
|
|
$
|
1.18
|
Shares Used to
Compute Net Income Per Common
Share
Attributable to Stepan Company
|
|
|
|
|
|
|
Basic
|
|
|
22,974
|
|
|
23,023
|
Diluted
|
|
|
23,330
|
|
|
23,285
|
Table
II
|
|
Reconciliations of
Non-GAAP Net Income and Earnings per Diluted Share*
|
|
|
|
Three Months Ended
March
31
|
|
($ in
thousands, except per share amounts)
|
|
2021
|
|
EPS
|
|
2020
|
|
EPS
|
|
Net Income
Reported
|
|
$
|
40,611
|
|
$
|
1.74
|
|
$
|
27,545
|
|
$
|
1.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Compensation
(Income) Expense
|
|
$
|
1,501
|
|
$
|
0.07
|
|
$
|
(2,858)
|
|
$
|
(0.12)
|
|
Business
Restructuring
|
|
|
61
|
|
$
|
0.00
|
|
|
263
|
|
$
|
0.01
|
|
Cash Settled Stock
Appreciation Rights
|
|
|
199
|
|
$
|
0.01
|
|
|
(792)
|
|
$
|
(0.03)
|
|
Adjusted Net
Income
|
|
$
|
42,372
|
|
$
|
1.82
|
|
$
|
24,158
|
|
$
|
1.04
|
|
* 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 are neither
a substitute for, nor superior to, measures of financial
performance prepared in accordance with GAAP.
Reconciliations of
Pre-Tax to After-Tax Adjustments
|
|
|
|
Three Months Ended
March
31
|
|
|
($ in
thousands, except per share amounts)
|
|
2021
|
|
EPS
|
|
2020
|
|
EPS
|
Pre-Tax
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Compensation
(Income) Expense
|
|
$
|
1,975
|
|
|
|
|
$
|
(3,760)
|
|
|
|
Business
Restructuring
|
|
|
81
|
|
|
|
|
|
357
|
|
|
|
Cash Settled Stock
Appreciation Rights
|
|
|
261
|
|
|
|
|
|
(1,042)
|
|
|
|
Total
Pre-Tax Adjustments
|
|
$
|
2,317
|
|
|
|
|
$
|
(4,445)
|
|
|
|
Cumulative Tax Effect
on Adjustments
|
|
$
|
(556)
|
|
|
|
|
$
|
1,058
|
|
|
|
After-Tax Adjustments
|
|
$
|
1,761
|
|
$
|
0.08
|
|
$
|
(3,387)
|
|
$
|
(0.14)
|
Table
III
|
|
Deferred
Compensation Plan
|
|
The full effect of
the deferred compensation plan on quarterly pre-tax income was $2.0
million of expense versus $3.8 million of income in the prior
year. The accounting for the deferred compensation plan
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
|
|
|
|
3/31
|
|
12/31
|
|
9/30
|
|
6/30
|
|
3/31
|
Stepan
Company
|
|
$
|
127.11
|
|
$
|
119.32
|
|
$
|
109.00
|
|
$
|
97.10
|
|
$
|
88.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The deferred
compensation income statement impact is summarized
below:
|
|
|
|
Three Months Ended
March
31
|
|
($ in
thousands)
|
|
2021
|
|
|
2020
|
|
Deferred
Compensation
|
|
|
|
|
|
|
|
|
Operating Income
(Expense)
|
|
$
|
(2,694)
|
|
|
$
|
7,323
|
|
Other, net – Mutual
Fund Gain (Loss)
|
|
|
719
|
|
|
|
(3,563)
|
|
Total
Pre-Tax
|
|
$
|
(1,975)
|
|
|
$
|
3,760
|
|
Total After
Tax
|
|
$
|
(1,501)
|
|
|
$
|
2,858
|
|
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-month period ending March 31, 2021 as compared to
2020:
|
|
($ in
millions)
|
|
Three Months Ended
March
31
|
|
Change
|
|
Increase
Due to Foreign
Currency
Translation
|
|
|
2021
|
|
2020
|
|
|
|
|
Net Sales
|
|
$
|
537.7
|
|
$
|
450.0
|
|
$
87.7
|
|
$
4.2
|
Gross
Profit
|
|
|
109.0
|
|
|
79.3
|
|
29.7
|
|
0.2
|
Operating
Income
|
|
|
53.9
|
|
|
40.0
|
|
13.9
|
|
-
|
Pretax
Income
|
|
|
53.1
|
|
|
35.5
|
|
17.6
|
|
-
|
Table
V
|
|
Stepan
Company Consolidated Balance Sheets March 31,
2021 and December 31, 2020
|
|
|
|
March 31,
2021
|
|
December 31,
2020
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets
|
|
$
|
797,653
|
|
$
|
905,651
|
|
Property, Plant &
Equipment, Net
|
|
|
746,379
|
|
|
682,667
|
|
Other
Assets
|
|
|
283,907
|
|
|
164,018
|
|
Total
Assets
|
|
$
|
1,827,939
|
|
$
|
1,752,336
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
$
|
464,089
|
|
$
|
416,554
|
|
Deferred Income
Taxes
|
|
|
29,876
|
|
|
20,745
|
|
Long-term
Debt
|
|
|
160,847
|
|
|
160,812
|
|
Other Non-current
Liabilities
|
|
|
169,181
|
|
|
165,860
|
|
Total Stepan Company
Stockholders' Equity
|
|
|
1,002,282
|
|
|
986,693
|
|
Noncontrolling
Interest
|
|
|
1,664
|
|
|
1,672
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
1,827,939
|
|
$
|
1,752,336
|
|
View original
content:http://www.prnewswire.com/news-releases/stepan-reports-record-quarterly-earnings-301277456.html
SOURCE Stepan Company