Stepan Reports Fourth Quarter and Record Full Year 2016 Results
Fourth Quarter Highlights
- Reported net income was
$8.4 million , or$0.36 per diluted share versus$12.9 million , or$0.56 per diluted share, in the prior year. Adjusted net income was$12.3 million , or$0.52 per diluted share versus$17.0 million , or$0.74 per diluted share, in the prior year.* - Total company sales volume increased 1% for the quarter as a result of higher polyol volumes, which benefited from increased demand from the insulation market in
the United States andEurope . - The fourth quarter 2016 results were negatively impacted by
$8.9 million of pre-tax non-recurring costs, of which$8.3 million impacted Surfactants and$0.6 million impacted Polymers. The after-tax impact was$6.1 million , or$0.26 per diluted share. - Surfactant operating income was
$14.6 million versus$24.3 million in the prior year. This decrease was primarily attributable to certain non-recurring items including European product claim commitments and environmental remediation expense in the United States. Global Surfactant sales volume was down 1% versus the prior year. - Polymer operating income was
$16.5 million versus$18.1 million in the prior year. The decrease was mostly attributable to a scheduled maintenance shutdown of the Company's Phthalic Anhydride operations and higher manufacturing costs associated with the Company's new production facility in China. Global Polymer volume was up 6% versus the prior year. - Specialty Product operating income was
$4.2 million , up$3.3 million versus the prior year, primarily due to sustained improvements within Lipid Nutrition. - The Company closed on its previously announced acquisition of Tebras/PBC in
Brazil .
Full Year Highlights
- Reported net income was a record
$86.2 million , or$3.73 per diluted share, a 13% increase versus$76.0 million , or$3.32 per diluted share, in the prior year. Adjusted net income was a record$98.2 million , or$4.25 per diluted share, a 24% increase versus$79.4 million , or$3.46 per diluted share, in the prior year.* - Surfactant operating income was
$99.8 million , a 4% decrease versus prior year. The Polymer segment delivered its seventh consecutive year of record operating income with$96.8 million , a 20% increase versus prior year. Specialty Product operating income was$10.7 million versus$4.4 million in the prior year. - Total company sales volume increased 6%. Surfactant, Polymer and Specialty Product sales volume increased 5%, 12% and 8%, respectively.
- The effect of foreign currency translation negatively impacted net income by
$2.7 million , or$0.12 per diluted share, versus prior year.
* |
Adjusted net income is a non-GAAP measure which excludes deferred compensation income/ expense as well as other significant and infrequent/non-recurring items. See Table II for reconciliations of non-GAAP adjusted net income and adjusted earnings per share. |
"2016 was a very good year as the Company delivered record reported and adjusted net income," said
For the full year, the Surfactant segment delivered
Polymers delivered its seventh consecutive year of record operating income, primarily due to higher volumes in Rigid Polyols which benefited from new customers and global energy conservation efforts.
Specialty Product results were up significantly for the year as the segment benefited from structural actions taken in 2015.
Our internal efficiency program, called DRIVE, delivered
Financial Summary |
|||||||||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||||||||
($ in thousands, except per share data) |
2016 |
2015 |
% Change |
2016 |
2015 |
% Change |
|||||||||||||||||
Net Sales |
$ |
420,636 |
$ |
419,291 |
0 |
% |
$ |
1,766,166 |
$ |
1,776,167 |
(1)% |
||||||||||||
Operating Income |
$ |
9,932 |
$ |
20,223 |
(51)% |
$ |
126,193 |
$ |
122,790 |
3 |
% |
||||||||||||
Net Income |
$ |
8,417 |
$ |
12,872 |
(35)% |
$ |
86,191 |
$ |
75,968 |
13 |
% |
||||||||||||
Earnings per Diluted Share |
$ |
0.36 |
$ |
0.56 |
(36)% |
$ |
3.73 |
$ |
3.32 |
12 |
% |
||||||||||||
Adjusted Net Income * |
$ |
12,294 |
$ |
17,007 |
(28)% |
$ |
98,187 |
$ |
79,449 |
24 |
% |
||||||||||||
Adjusted Earnings per Diluted Share * |
$ |
0.52 |
$ |
0.74 |
(30)% |
$ |
4.25 |
$ |
3.46 |
23 |
% |
* See Table II for a reconciliation of non-GAAP Adjusted Net Income and Adjusted Earnings per Diluted Share. |
Summary of Fourth Quarter Adjusted Net Income Items
Adjusted net income excludes non-operational deferred compensation income/expense and other significant and infrequent or non-recurring items.
- Deferred Compensation: Both the current and prior year quarters include
$2.7 million of after-tax expense. - Business Restructuring and Asset Impairments: The current year quarter includes
$4.0 million of after-tax expense attributable to$1.3 million of severance and final decommissioning costs related to the Canadian plant shutdown, a$1.3 million asset write-down at the Bahia,Brazil site, and a$1.4 million asset write-down related to our investment inLouisiana due to our decision to make nonionic surfactants at the site in Pasedena,Texas that we acquired fromSun Products Corporation . - Contract Termination Settlement: The current year quarter includes
$2.8 million of after-tax income generated on a negotiated customer contract termination fee related to the Bahia,Brazil site.
Percentage Change in Net Sales
Quarterly net sales were flat versus prior year. Slightly higher sales volume and selling prices were offset by the negative impact of foreign currency translation resulting from the stronger U.S. dollar. Sales volumes were up 1% mostly due to strong global polyol growth. Selling prices were up slightly due to the pass-through of higher raw material costs within the Surfactant segment.
Three Months Ended December 31, 2016 |
Twelve Months Ended December 31, 2016 |
|||||||
Volume |
1 |
% |
6 |
% |
||||
Selling Price |
1 |
% |
(5) |
% |
||||
Foreign Translation |
(2) |
% |
(2) |
% |
||||
Total |
(—) |
% |
(1) |
% |
Segment Results |
||||||||||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||
($ in thousands) |
2016 |
2015 |
% Change |
2016 |
2015 |
% Change |
||||||||||||||||||
Net Sales |
||||||||||||||||||||||||
Surfactants |
$ |
282,549 |
$ |
284,725 |
(1) |
% |
$ |
1,181,563 |
$ |
1,205,849 |
(2) |
% |
||||||||||||
Polymers |
$ |
116,286 |
113,785 |
2 |
% |
$ |
498,826 |
491,488 |
1 |
% |
||||||||||||||
Specialty Products |
$ |
21,801 |
20,781 |
5 |
% |
$ |
85,777 |
78,830 |
9 |
% |
||||||||||||||
Total Net Sales |
$ |
420,636 |
$ |
419,291 |
0 |
% |
$ |
1,766,166 |
$ |
1,776,167 |
(1) |
% |
Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||
($ in thousands, all amounts pre-tax) |
2016 |
2015 |
% Change |
2016 |
2015 |
% Change |
||||||||||||||||||
Operating Income |
||||||||||||||||||||||||
Surfactants |
$ |
14,582 |
$ |
24,322 |
(40) |
% |
$ |
99,796 |
$ |
104,080 |
(4) |
% |
||||||||||||
Polymers |
$ |
16,510 |
$ |
18,140 |
(9) |
% |
$ |
96,788 |
$ |
80,942 |
20 |
% |
||||||||||||
Specialty Products |
$ |
4,249 |
$ |
899 |
373 |
% |
$ |
10,698 |
$ |
4,397 |
143 |
% |
Total segment operating income decreased
- Surfactant net sales were
$282.5 million for the quarter, a 1% decrease versus prior year. The translation impact of a stronger U.S. dollar decreased sales by 2%. Sales volume was down 1% versus the prior year due to lower North American consumer product volume, partially offset by higher volume inLatin America ,Asia andEurope . Slightly higher selling prices favorably impacted net sales by 2%. Surfactant operating income decreased$9.7 million versus the prior year. This decrease was mostly attributable to non-recurring costs reported within the results, including European product claim commitments and environmental remediation expense inthe United States . Results were also negatively impacted by accelerated depreciation related to the Canadian plant closure, partially offset by a contract termination settlement in Brazil. - Polymer net sales were
$116.3 million for the quarter, a 2% increase versus prior year. Sales volume increased 6% in the quarter primarily due to continued growth in polyols used in rigid foam insulation and insulated metal panels. Slightly lower selling prices unfavorably impacted net sales by 2%. The translation impact of a stronger U.S. dollar unfavorably impacted net sales by 2%. Polymer operating income decreased$1.6 million versus the prior year. This decrease was primarily attributable to a scheduled maintenance shutdown of the Company's Phthalic Anhydride operations and higher manufacturing costs associated with the Company's new production facility in China. The decrease was partially offset by higher global Rigid Polyol demand from increased insulation standards and growth in construction. - Specialty Products net sales were
$21.8 million ,$1.0 million higher than prior year. Operating income increased$3.4 million versus the prior year. This increase was primarily within our Lipid Nutrition business due to higher volumes, improved margins and lower costs due to structural actions taken in 2015.
Corporate Expenses |
||||||||||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||
($ in thousands) |
2016 |
2015 |
% Change |
2016 |
2015 |
% Change |
||||||||||||||||||
Total - Corporate Expenses |
$ |
25,409 |
$ |
23,138 |
10 |
% |
$ |
81,089 |
$ |
66,629 |
22 |
% |
||||||||||||
Deferred Compensation Expense/(Income) * |
$ |
4,210 |
$ |
5,272 |
(20) |
% |
$ |
16,805 |
$ |
6,500 |
159 |
% |
||||||||||||
Restructuring and Asset Impairment Expense |
$ |
6,003 |
$ |
- |
$ |
- |
$ |
7,064 |
$ |
- |
$ |
- |
||||||||||||
Adjusted Corporate Expense |
$ |
15,196 |
$ |
17,866 |
(15) |
% |
$ |
57,220 |
$ |
60,129 |
(5) |
% |
* See Table III for a discussion of deferred compensation plan accounting. |
- Corporate expenses, excluding deferred compensation, decreased
$2.7 million , or 15%, for the quarter. This decrease was mostly attributable to lower consulting expenses, as external resources related to our efficiency efforts were not used in the current year.
Income Taxes
During the fourth quarter of 2016, the Company benefited from a more favorable geographical mix of income versus the prior year, resulting in a lower quarterly tax provision. The 2016 full year effective tax rate was 24% compared to 26% in the prior year. The full year decrease was mostly attributable to a more favorable mix of income and a tax benefit derived from the early adoption of ASU 2016-09/Stock Compensation.
Selected Balance Sheet Information
The Company's net debt level decreased
($ in millions) |
12/31/16 |
9/30/16 |
6/30/16 |
3/31/16 |
12/31/15 |
||||||||||||||
Net Debt |
|||||||||||||||||||
Total Debt |
$ |
317.0 |
$ |
326.1 |
$ |
321.4 |
$ |
327.9 |
$ |
331.4 |
|||||||||
Cash |
225.7 |
207.0 |
190.4 |
145.7 |
176.1 |
||||||||||||||
Net Debt |
$ |
91.3 |
$ |
119.1 |
$ |
131.0 |
$ |
182.2 |
$ |
155.3 |
|||||||||
Equity |
634.6 |
638.4 |
618.9 |
594.8 |
557.0 |
||||||||||||||
Net Debt + Equity |
$ |
725.9 |
$ |
757.5 |
$ |
749.9 |
$ |
777.0 |
$ |
712.3 |
|||||||||
Net Debt / (Net Debt + Equity) |
13 |
% |
16 |
% |
17 |
% |
23 |
% |
22 |
% |
The major working capital components were:
($ in millions) |
12/31/2016 |
9/30/16 |
6/30/16 |
3/31/16 |
12/31/15 |
||||||||||||||
Net Receivables |
$ |
263.4 |
$ |
281.1 |
$ |
285.1 |
$ |
291.6 |
$ |
249.6 |
|||||||||
Inventories |
173.7 |
184.0 |
180.7 |
177.8 |
170.4 |
||||||||||||||
Accounts Payable |
(158.3) |
(129.1) |
(144.2) |
(130.0) |
(128.6) |
||||||||||||||
$ |
278.8 |
$ |
336.0 |
$ |
321.6 |
$ |
339.4 |
$ |
291.4 |
The Company had full year capital expenditures of
Outlook
"After record results in 2016, we are positioned for further growth in 2017," said
Conference Call
Supporting Slides
Slides supporting this press release will be made available at www.stepan.com under the Investor Relations center at approximately the same time as this press release is issued.
Corporate Profile
Headquartered in
The common stock is traded on the
Contact:
Tables follow
Certain information in this presentation 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 (the Exchange Act). These statements include statements about
There are a number of risks, uncertainties and other important factors, many of which are beyond
These forward-looking statements are made only as of the date hereof, and
Table I |
||||||||||||||||
STEPAN COMPANY For the Three and Twelve Months Ended December 31, 2016 and 2015 (Unaudited – in thousands, except per share data) |
||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||||||
Net Sales |
$ |
420,636 |
$ |
419,291 |
$ |
1,766,166 |
$ |
1,776,167 |
||||||||
Cost of Sales |
351,916 |
344,602 |
1,427,621 |
1,467,926 |
||||||||||||
Gross Profit |
68,720 |
74,689 |
338,545 |
308,241 |
||||||||||||
Operating Expenses: |
||||||||||||||||
Selling |
14,960 |
14,235 |
57,212 |
55,522 |
||||||||||||
Administrative * |
19,835 |
21,728 |
75,185 |
76,048 |
||||||||||||
Research, Development and Technical Services |
13,780 |
13,231 |
56,086 |
50,243 |
||||||||||||
Deferred Compensation (Income) Expense * |
4,210 |
5,272 |
16,805 |
6,500 |
||||||||||||
52,785 |
54,466 |
205,288 |
188,313 |
|||||||||||||
Other Operating Income (Expense) |
||||||||||||||||
Gain on Sale of Product Line |
- |
- |
- |
2,862 |
||||||||||||
Business Restructuring |
(6,003) |
- |
(7,064) |
- |
||||||||||||
Operating Income |
9,932 |
20,223 |
126,193 |
122,790 |
||||||||||||
Other Income (Expense): |
||||||||||||||||
Interest, Net |
(3,350) |
(3,773) |
(13,205) |
(14,533) |
||||||||||||
Loss from Equity in Joint Venture |
- |
(3,067) |
- |
(6,985) |
||||||||||||
Other, Net |
427 |
1,678 |
828 |
1,584 |
||||||||||||
(2,923) |
(5,162) |
(12,377) |
(19,934) |
|||||||||||||
Income Before Income Taxes |
7,009 |
15,061 |
113,816 |
102,856 |
||||||||||||
Provision for Income Taxes |
(1,402) |
2,185 |
27,618 |
26,819 |
||||||||||||
Net Income |
8,411 |
12,876 |
86,198 |
76,037 |
||||||||||||
Net Income Attributable to Noncontrolling Interests |
6 |
(4) |
(7) |
(69) |
||||||||||||
Net Income Attributable to Stepan Company |
$ |
8,417 |
$ |
12,872 |
$ |
86,191 |
$ |
75,968 |
||||||||
Net Income Per Common Share Attributable to Stepan Company |
||||||||||||||||
Basic |
$ |
0.37 |
$ |
0.57 |
$ |
3.78 |
$ |
3.34 |
||||||||
Diluted |
$ |
0.36 |
$ |
0.56 |
$ |
3.73 |
$ |
3.32 |
||||||||
Shares Used to Compute Net Income Per Common Share Attributable to Stepan Company |
||||||||||||||||
Basic |
22,860 |
22,726 |
22,793 |
22,730 |
||||||||||||
Diluted |
23,335 |
22,879 |
23,094 |
22,858 |
||||||||||||
Table II |
||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Net Income and Earnings per Diluted Share |
||||||||||||||||||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) |
2016 |
EPS |
2015 |
EPS |
2016 |
EPS |
2015 |
EPS |
||||||||||||||||||||||||
Net Income Reported |
$ |
8,417 |
$ |
0.36 |
$ |
12,872 |
$ |
0.56 |
$ |
86,191 |
$ |
3.73 |
$ |
75,968 |
$ |
3.32 |
||||||||||||||||
Deferred Compensation (Income) Expense |
$ |
2,654 |
$ |
0.11 |
2,675 |
$ |
0.12 |
$ |
9,977 |
$ |
0.43 |
3,453 |
$ |
0.15 |
||||||||||||||||||
Business Restructuring |
4,028 |
$ |
0.17 |
— |
— |
$ |
4,824 |
$ |
0.21 |
— |
— |
|||||||||||||||||||||
Contract Termination Settlement |
(2,805) |
$ |
(0.12) |
— |
— |
$ |
(2,805) |
$ |
(0.12) |
— |
— |
|||||||||||||||||||||
Environmental Remediation Expense |
— |
— |
— |
— |
— |
— |
341 |
$ |
0.01 |
|||||||||||||||||||||||
Gain on Divestiture of Product Line |
— |
— |
— |
— |
— |
— |
(1,774) |
$ |
(0.08) |
|||||||||||||||||||||||
TIORCO JV Dissolution |
— |
— |
$ |
1,461 |
$ |
0.06 |
— |
— |
$ |
1,461 |
$ |
0.06 |
||||||||||||||||||||
Adjusted Net Income |
$ |
12,294 |
$ |
0.52 |
$ |
17,007 |
$ |
0.74 |
$ |
98,187 |
$ |
4.25 |
$ |
79,449 |
$ |
3.46 |
* |
All amounts in this table are presented after-tax |
The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP (Generally Accepted Accounting Principles) measures, are useful for evaluating the Company's operating performance and provide better clarity on the impact of nonoperational 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.
Reconciliation of Pre-Tax to After-Tax Adjustments |
||||||||||||||||||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) |
2016 |
EPS |
2015 |
EPS |
2016 |
EPS |
2015 |
EPS |
||||||||||||||||||||||||
Pre-Tax Adjustments |
||||||||||||||||||||||||||||||||
Deferred Compensation (Income) Expense |
$ |
4,281 |
$ |
4,314 |
$ |
16,092 |
$ |
5,569 |
||||||||||||||||||||||||
Business Restructuring |
6,003 |
— |
$ |
7,064 |
— |
|||||||||||||||||||||||||||
Contract Termination Settlement |
(4,250) |
— |
$ |
(4,250) |
— |
|||||||||||||||||||||||||||
Environmental Remediation Expense |
— |
— |
— |
$ |
550 |
|||||||||||||||||||||||||||
Gain on Divestiture of Product Line |
— |
— |
— |
$ |
(2,862) |
|||||||||||||||||||||||||||
TIORCO JV Dissolution |
— |
2,356 |
— |
$ |
2,356 |
|||||||||||||||||||||||||||
Total Pre-Tax Adjustments |
$ |
6,034 |
$ |
6,670 |
$ |
18,906 |
$ |
5,613 |
||||||||||||||||||||||||
Cumulative Tax Effect on Adjustments |
$ |
(2,157) |
$ |
(2,534) |
$ |
(6,910) |
$ |
(2,132) |
||||||||||||||||||||||||
After-Tax Adjustments |
$ |
3,877 |
$ |
0.16 |
$ |
4,136 |
$ |
0.18 |
$ |
11,996 |
$ |
4.25 |
$ |
3,481 |
$ |
3.46 |
Table III |
||||||||||||||||||||||||||||||||
Deferred Compensation Plan |
||||||||||||||||||||||||||||||||
The full effect of the deferred compensation plan on quarterly pretax income was $4.3 million of expense in both the current year and prior year quarters. The year to date pretax impact was $16.1 million of expense versus $5.6 million of expense 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 Stepan Company common stock are as follows: |
||||||||||||||||||||||||||||||||
2016 |
2015 |
|||||||||||||||||||||||||||||||
12/31 |
9/30 |
6/30 |
3/31 |
12/31 |
9/30 |
6/30 |
3/31 |
|||||||||||||||||||||||||
Stepan Company |
$ |
81.48 |
$ |
72.66 |
$ |
59.53 |
$ |
55.29 |
$ |
49.69 |
$ |
41.61 |
$ |
54.11 |
$ |
41.66 |
||||||||||||||||
The deferred compensation income statement impact is summarized below: |
||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||
($ in thousands) |
2016 |
2015 |
2016 |
2015 |
||||||||||||
Deferred Compensation |
||||||||||||||||
Operating Income (Expense) |
$ |
(4,210) |
$ |
(5,272) |
$ |
(16,805) |
$ |
(6,500) |
||||||||
Other, net – Mutual Fund Gain (Loss) |
(71) |
958 |
713 |
931 |
||||||||||||
Total Pretax |
$ |
(4,281) |
$ |
(4,314) |
$ |
(16,092) |
$ |
(5,569) |
||||||||
Total After Tax |
$ |
(2,654) |
$ |
(2,675) |
$ |
(9,977) |
$ |
(3,453) |
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 and twelve month periods ending December 31, 2016 as compared to 2015: |
||||||||||||||||||||||||||||||||
($ in millions) |
Three Months Ended December 31 |
Increase (Decrease) |
(Decrease) Due to Foreign Currency Translation |
Twelve Months Ended December 31 |
Increase (Decrease) |
(Decrease) Due to Foreign Currency Translation |
||||||||||||||||||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||||||||||||||||||||||
Net Sales |
$ |
420.6 |
$ |
419.3 |
$ |
1.3 |
$ |
(8.1) |
$ |
1,766.2 |
$ |
1,776.2 |
$ |
(10.0) |
$ |
(42.9) |
||||||||||||||||
Gross Profit |
68.7 |
74.7 |
(6.0) |
(0.4) |
338.5 |
308.2 |
30.3 |
(5.9) |
||||||||||||||||||||||||
Operating Income |
9.9 |
20.2 |
(10.3) |
(0.3) |
126.2 |
122.8 |
3.4 |
(3.7) |
||||||||||||||||||||||||
Pretax Income |
7.0 |
15.1 |
(8.1) |
(0.3) |
113.8 |
102.9 |
11.0 |
(3.6) |
Table V |
||||||||
Stepan Company Consolidated Balance Sheets December 31, 2016 and December 31, 2015
|
||||||||
2016 December 31 |
2015 December 31 |
|||||||
ASSETS |
||||||||
Current Assets |
$ |
685,541 |
$ |
619,573 |
||||
Property, Plant & Equipment, Net |
582,714 |
555,463 |
||||||
Other Assets |
85,635 |
63,356 |
||||||
Total Assets |
$ |
1,353,890 |
$ |
1,238,392 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current Liabilities |
$ |
297,265 |
$ |
243,244 |
||||
Deferred Income Taxes |
12,497 |
9,455 |
||||||
Long-term Debt |
288,859 |
312,548 |
||||||
Other Non-current Liabilities |
119,353 |
114,761 |
||||||
Total Stepan Company Stockholders' Equity |
634,604 |
556,984 |
||||||
Noncontrolling Interest |
1,312 |
1,400 |
||||||
Total Liabilities and Stockholders' Equity |
$ |
1,353,890 |
$ |
1,238,392 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/stepan-reports-fourth-quarter-and-record-full-year-2016-results-300411288.html
SOURCE