Stepan Company reported a record second quarter with net income of $43.3 million, or $1.85 per diluted share, compared to $35.7 million, or $1.54 per diluted share, in the prior year. Adjusted net income was $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% year-over-year, with significant growth in the Polymer segment offsetting a decrease in Surfactant sales volume.
Net income reached a record $43.3 million, or $1.85 per diluted share.
Adjusted net income was a second quarter record at $42.2 million, or $1.81 per diluted share.
Total Company sales volume increased 5% compared to the previous year.
Polymer operating income rose by 48%, driven by a 44% increase in global sales volume.
The company anticipates challenges in North American consumer product end markets due to decreased consumer consumption compared to peak pandemic levels. Growth is expected in institutional cleaning and functional product markets, as well as in the agricultural and oilfield sectors due to higher commodity prices. The Polymer business is projected to grow due to recovery in rigid polyol demand and the INVISTA acquisition. Overall, the company remains cautiously optimistic despite rising raw material prices and planned maintenance expenses.
Visualization of income flow from segment revenue to net income
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