Stepan Reports Record Quarterly Results and First Half Earnings
Second Quarter Highlights
- Reported net income was a record
$35.7 million , or$1.54 per diluted share, versus$30.2 million , or$1.30 per diluted share, in the prior year. Adjusted net income* was a record$38.3 million , or$1.65 per diluted share, versus$35.1 million , or$1.50 per diluted share, in the prior year.Total Company sales volume increased 4% versus the prior year. - Surfactant operating income was a record
$48.5 million versus$32.1 million in the prior year. This increase was primarily attributable to a 10% increase in global Surfactant volume and an improved product mix. The sales volume growth was principally due to higher demand in the global consumer product end markets driven by increased demand for cleaning and disinfection products as a result of COVID-19, and a$5.0 million operating income improvement inMexico . As previously announced, the Company plans to acquire Clariant's anionic surfactant business and associated sulfonation equipment inMexico . - Polymer operating income was
$15.5 million versus$22.8 million in the prior year. This decrease was mostly attributable to a 13% decline in sales volume versus prior year. Global rigid polyol sales volume declined 8% driven byEurope andNorth America , due to COVID-19 construction project delays and cancellations, partially offset by strong growth inChina . Lower volume and higher raw material inventory cost within the phthalic anhydride business also contributed to the decline in operating income versus the prior year. - Specialty Product operating income was
$3.2 million versus$6.0 million in the prior year. This decrease was primarily attributable to order timing differences within our food and flavor business and lower margins within our medium chain triglycerides (MCT) product line. - The effect of foreign currency translation negatively impacted net sales by 4% and net income by
$2.5 million , or$0.11 per diluted share, versus the prior year. - The Company had negative net debt at quarter-end as cash balances of
$272.9 million exceeded total debt of$207.9 million . The Company has access to a committed$350.0 million revolving credit agreement and has only$9.3 million of remaining debt maturing in 2020. The Company believes it has sufficient liquidity to operate in the challenging near term environment.
First Half Highlights
- Reported net income was
$63.3 million , or$2.72 per diluted share, versus$55.2 million , or$2.37 per diluted share, in the prior year. Adjusted net income* was$62.5 million , or$2.69 per diluted share, versus$65.8 million , or$2.82 per diluted share, in the prior year.Total Company sales volume was up 1% compared to the first six months of 2019. A 4% increase in global Surfactant sales volume was largely offset by an 11% decrease in global Polymer sales volume. - First half results were negatively impacted by the first quarter Millsdale plant power outage as previously disclosed. The Company's insurance provider has acknowledged this incident is a covered event and the Company is pursuing insurance recovery for incremental supply chain expenses and business interruption.
* Adjusted net income is a non-GAAP measure which excludes deferred compensation income/expense, cash-settled stock appreciation rights (SARs) income/expense, as well as other significant and infrequent/non-recurring items. See Table II for reconciliations of non-GAAP adjusted net income and earnings per diluted share.
"Today, the world continues to be challenged in many ways. At Stepan we believe there is more that unites us than divides us. We are fortunate to have a team that is committed to each other and to the supply of critical products to the market. We are grateful to our employees for their passion and ability to get the job done. Our plants continue to run and we have been able to keep our employees safe and healthy," said
"Despite these challenges and the impact of the first quarter power outage at our Millsdale, IL facility, the Company had a solid first half of the year. Surfactant operating income was up significantly during the second quarter on the strength of 10% global volume growth. Most of the volume growth was attributable to strong demand in the consumer product end markets driven by increased demand for cleaning and disinfection products as a result of COVID-19. Mexican operations delivered strong earnings growth versus the prior year quarter. Our Polymer business was down versus the prior year quarter as
Financial Summary
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||
($ in thousands, except per share data) |
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
|||||||||||||||||
|
$ |
460,549 |
$ |
473,003 |
(3) |
% |
$ |
910,536 |
$ |
962,173 |
(5) |
% |
|||||||||||
Operating Income |
$ |
44,623 |
$ |
41,065 |
9 |
% |
$ |
84,627 |
$ |
70,803 |
20 |
% |
|||||||||||
Net Income Attributable to |
$ |
35,707 |
$ |
30,218 |
18 |
% |
$ |
63,252 |
$ |
55,202 |
15 |
% |
|||||||||||
Earnings per Diluted Share |
$ |
1.54 |
$ |
1.30 |
18 |
% |
$ |
2.72 |
$ |
2.37 |
15 |
% |
|||||||||||
Adjusted Net Income * |
$ |
38,315 |
$ |
35,131 |
9 |
% |
$ |
62,473 |
$ |
65,766 |
(5) |
% |
|||||||||||
Adjusted Earnings per Diluted Share * |
$ |
1.65 |
$ |
1.50 |
10 |
% |
$ |
2.69 |
$ |
2.82 |
(5) |
% |
|||||||||||
• See Table II for reconciliations of non-GAAP adjusted net income and earnings per diluted share. |
Summary of Second 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 second quarter reported net income includes
$1.9 million of after-tax expense versus$1.2 million of after-tax expense 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 second quarter includes
$0.5 million of after-tax expense versus$0.2 million of after-tax expense in the prior year. - Business Restructuring: The current year second quarter includes
$0.2 million of after-tax decommissioning expense related to the Company's Canadian plant closure versus$0.3 million of after-tax expense in the prior year.
Percentage Change in
Net sales decreased 3% quarter-over-quarter due to the unfavorable impact of foreign currency translation and lower selling prices, partially offset by a 4% increase in global sales volume. The lower selling prices are mainly attributable to the pass-through of lower raw material costs. The higher sales volume primarily reflects Surfactant growth of 10% partially offset by a Polymer decline of 13%.
Three Months Ended |
Six Months Ended |
|||||||
Volume |
4 |
% |
1 |
% |
||||
Selling Price & Mix |
(3) |
% |
(3) |
% |
||||
Foreign Translation |
(4) |
% |
(3) |
% |
||||
Total |
(3) |
% |
(5) |
% |
Segment Results
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||
($ in thousands) |
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
||||||||||||||||||
|
||||||||||||||||||||||||
Surfactants |
$ |
332,335 |
$ |
313,380 |
6 |
% |
$ |
659,406 |
$ |
663,030 |
(1) |
% |
||||||||||||
Polymers |
$ |
112,409 |
$ |
140,636 |
(20) |
% |
$ |
218,900 |
$ |
260,815 |
(16) |
% |
||||||||||||
Specialty Products |
$ |
15,805 |
$ |
18,987 |
(17) |
% |
$ |
32,230 |
$ |
38,328 |
(16) |
% |
||||||||||||
Total |
$ |
460,549 |
$ |
473,003 |
(3) |
% |
$ |
910,536 |
$ |
962,173 |
(5) |
% |
||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||
($ in thousands) |
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
||||||||||||||||||
Operating Income |
||||||||||||||||||||||||
Surfactants |
$ |
48,503 |
$ |
32,086 |
51 |
% |
$ |
84,659 |
$ |
69,253 |
22 |
% |
||||||||||||
Polymers |
$ |
15,527 |
$ |
22,760 |
(32) |
% |
$ |
23,043 |
$ |
34,865 |
(34) |
% |
||||||||||||
Specialty Products |
$ |
3,226 |
$ |
5,982 |
(46) |
% |
$ |
7,210 |
$ |
9,113 |
(21) |
% |
||||||||||||
Total Segment Operating Income |
$ |
67,256 |
$ |
60,828 |
11 |
% |
$ |
114,912 |
$ |
113,231 |
1 |
% |
||||||||||||
Corporate Expenses |
$ |
(22,633) |
$ |
(19,763) |
15 |
% |
$ |
(30,285) |
$ |
(42,428) |
(29) |
% |
||||||||||||
Consolidated Operating Income |
$ |
44,623 |
$ |
41,065 |
9 |
% |
$ |
84,627 |
$ |
70,803 |
20 |
% |
Total segment operating income increased
- Surfactant net sales were
$332.3 million for the quarter, a 6% increase versus the prior year. Sales volume increased 10% mostly due to higher demand for products sold into the consumer product end markets, driven by increased demand for cleaning, disinfection and personal wash products as a result of COVID-19. Partially offsetting this growth was lower demand in the Company's functional product end markets. Sales volume into the global agricultural market was up 4% offset by lower demand in the oilfield market. Selling prices were up 1% and the translation impact of a strongerU.S. dollar negatively impacted net sales by 5%. Surfactant operating income increased$16.4 million , or 51%, versus the prior year primarily due to the strong sales volume growth and a$5.0 million operating income improvement inMexico . - Polymer net sales were
$112.4 million for the quarter, a 20% decrease versus the prior year. Sales volume decreased 13% primarily due to lower North American and European demand for rigid polyols used in rigid foam insulation and insulated metal panels. This lower demand primarily reflects COVID-19 construction project delays and cancellations. In addition, phthalic anhydride volumes were down significantly whileChina sales volume increased 41% versus the prior year quarter. Selling prices declined 5% and the translation impact of a strongerU.S. dollar negatively impacted net sales by 2%. Polymer operating income decreased$7.2 million , or 32%, versus the prior year quarter primarily due to the sales volume decline and lower North American margins. The lower North American margins reflect high cost raw material inventory carried over from the first quarter due to production issues at the Company's Millsdale, IL facility. - Specialty Product net sales were
$15.8 million for the quarter, a 17% decrease versus the prior year. Sales volume was flat between years. Operating income decreased$2.8 million versus the prior year quarter primarily due to order timing differences within our food and flavor business and lower margins within our medium chain triglycerides (MCT) product line.
Corporate Expenses
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||
($ in thousands) |
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
||||||||||||||||||
Total Corporate Expenses |
$ |
22,633 |
$ |
19,763 |
15 |
% |
$ |
30,285 |
$ |
42,428 |
(29) |
% |
||||||||||||
Less: |
||||||||||||||||||||||||
Deferred Compensation |
$ |
(6,464) |
$ |
(2,395) |
170 |
% |
$ |
859 |
$ |
(9,868) |
NM |
|||||||||||||
Business Restructuring |
$ |
(225) |
$ |
(450) |
(50) |
% |
$ |
(582) |
$ |
(1,183) |
(51) |
% |
||||||||||||
Adjusted Corporate Expense |
$ |
15,944 |
$ |
16,918 |
(6) |
% |
$ |
30,562 |
$ |
31,377 |
(3) |
% |
* See Table III for a discussion of deferred compensation plan accounting. |
- Corporate expenses, excluding deferred compensation and business restructuring expenses, decreased
$1.0 million , or 6%, versus the prior year quarter. The quarterly decrease was primarily due to the non-recurrence of an environmental remediation reserve adjustment in the second quarter of 2019.
Income Taxes
The Company's effective tax rate was 23.9% for the first half of 2020 versus 21.8% for the first half of 2019. This year-over-year increase was primarily attributable to: (i) lower tax benefits derived from stock-based compensation awards exercised or distributed in the first half of 2020 versus 2019, and (ii) a less favorable geographical mix of income in the first half of 2020 versus 2019.
Shareholder Return
The Company paid
Selected Balance Sheet Information
The Company's net debt level decreased
($ in millions) |
|
|
|
||||||||
Net Debt |
|||||||||||
Total Debt |
$ |
207.9 |
$ |
222.1 |
$ |
222.1 |
|||||
Cash |
272.9 |
254.3 |
315.4 |
||||||||
Net Debt |
$ |
(65.0) |
$ |
(32.2) |
$ |
(93.3) |
|||||
Equity |
897.4 |
866.8 |
891.8 |
||||||||
Net Debt + Equity |
$ |
832.4 |
$ |
834.6 |
$ |
798.5 |
|||||
Net Debt / (Net Debt + Equity) |
-8 |
% |
-4 |
% |
-12 |
% |
The major working capital components were:
($ in millions) |
|
|
|
||||||||
Net Receivables |
$ |
286.7 |
$ |
290.6 |
$ |
276.8 |
|||||
Inventories |
208.2 |
198.2 |
203.6 |
||||||||
Accounts Payable |
(187.4) |
(187.9) |
(194.3) |
||||||||
Total |
$ |
307.5 |
$ |
300.9 |
$ |
286.1 |
Capital spending was
Outlook
"2020 will continue to be a difficult year for the world, our country and our industry. We believe Stepan's business remains better positioned to perform than most as we demonstrated in the second quarter. Our teams are working to minimize vulnerabilities and capture opportunities that are available to us," said
"We believe our Surfactant volume in the consumer product end markets should remain strong as a result of heightened demand for disinfection, cleaning and personal wash products. We anticipate that demand for surfactants within the agricultural market will approximate last year and that the oilfield market will remain down for the balance of 2020. Although the long-term prospects for our Polymer business remain attractive as energy conservation efforts and more stringent building codes should increase demand, we believe the business will be challenged in the short term as re-roofing and new construction projects continue to be deferred or canceled. Additionally, we continue to anticipate higher North American costs due to the
Conference Call
Supporting Slides
Slides supporting this press release will be made available at www.stepan.com through the Investors/Presentations page at approximately the same time as this press release is issued.
Corporate Profile
Headquartered in
The Company's common stock is traded on the
More information about Stepan's sustainability program can be found on the Sustainability page at www.stepan.com
Contact:
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
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 |
||||||||||||||||
For the Three and Six Months Ended (Unaudited – '000's Omitted) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
|
$ |
460,549 |
$ |
473,003 |
$ |
910,536 |
$ |
962,173 |
||||||||
Cost of Sales |
362,054 |
380,044 |
732,772 |
784,605 |
||||||||||||
Gross Profit |
98,495 |
92,959 |
177,764 |
177,568 |
||||||||||||
Operating Expenses: |
||||||||||||||||
Selling |
12,921 |
14,140 |
26,453 |
28,109 |
||||||||||||
Administrative |
20,731 |
21,544 |
39,603 |
40,850 |
||||||||||||
Research, Development and Technical Services |
13,531 |
13,365 |
27,358 |
26,755 |
||||||||||||
Deferred Compensation (Income) Expense |
6,464 |
2,395 |
(859) |
9,868 |
||||||||||||
53,647 |
51,444 |
92,555 |
105,582 |
|||||||||||||
Business Restructuring |
225 |
450 |
582 |
1,183 |
||||||||||||
Operating Income |
44,623 |
41,065 |
84,627 |
70,803 |
||||||||||||
Other Income (Expense): |
||||||||||||||||
Interest, Net |
(1,259) |
(1,766) |
(2,489) |
(3,619) |
||||||||||||
Other, Net |
4,437 |
235 |
1,175 |
3,380 |
||||||||||||
3,178 |
(1,531) |
(1,314) |
(239) |
|||||||||||||
Income Before Income Taxes |
47,801 |
39,534 |
83,313 |
70,564 |
||||||||||||
Provision for Income Taxes |
11,958 |
9,324 |
19,931 |
15,376 |
||||||||||||
Net Income |
35,843 |
30,210 |
63,382 |
55,188 |
||||||||||||
Net Loss Attributable to Noncontrolling Interests |
(136) |
8 |
(130) |
14 |
||||||||||||
Net Income Attributable to |
$ |
35,707 |
$ |
30,218 |
$ |
63,252 |
$ |
55,202 |
||||||||
Net Income Per Common Share Attributable to |
||||||||||||||||
Basic |
$ |
1.56 |
$ |
1.31 |
$ |
2.75 |
$ |
2.39 |
||||||||
Diluted |
$ |
1.54 |
$ |
1.30 |
$ |
2.72 |
$ |
2.37 |
||||||||
Shares Used to Compute Net Income Per Common Share Attributable to |
||||||||||||||||
Basic |
22,923 |
23,086 |
22,973 |
23,092 |
||||||||||||
Diluted |
23,184 |
23,329 |
23,235 |
23,329 |
||||||||||||
Table II |
||||||||||||||||||||||||||||||||
Reconciliations of Non-GAAP Net Income and Earnings per Diluted Share * |
||||||||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||||||||||
($ in thousands, except per |
2020 |
EPS |
2019 |
EPS |
2020 |
EPS |
2019 |
EPS |
||||||||||||||||||||||||
Net Income Reported |
$ |
35,707 |
$ |
1.54 |
$ |
30,218 |
$ |
1.30 |
$ |
63,252 |
$ |
2.72 |
$ |
55,202 |
$ |
2.37 |
||||||||||||||||
Deferred Compensation |
$ |
1,938 |
$ |
0.08 |
$ |
1,210 |
$ |
0.05 |
$ |
(920) |
$ |
(0.04) |
$ |
5,090 |
$ |
0.22 |
||||||||||||||||
Business Restructuring |
$ |
168 |
$ |
0.01 |
$ |
325 |
$ |
0.01 |
$ |
431 |
$ |
0.02 |
$ |
865 |
$ |
0.04 |
||||||||||||||||
Cash-Settled SARs |
$ |
502 |
$ |
0.02 |
$ |
220 |
$ |
0.01 |
$ |
(290) |
$ |
(0.01) |
$ |
1,451 |
$ |
0.06 |
||||||||||||||||
Environmental |
$ |
- |
$ |
2,210 |
$ |
0.09 |
$ |
- |
$ |
2,210 |
$ |
0.09 |
||||||||||||||||||||
Voluntary Debt |
$ |
- |
$ |
948 |
$ |
0.04 |
$ |
- |
$ |
948 |
$ |
0.04 |
||||||||||||||||||||
Adjusted Net Income |
$ |
38,315 |
$ |
1.65 |
$ |
35,131 |
$ |
1.50 |
$ |
62,473 |
$ |
2.69 |
$ |
65,766 |
$ |
2.82 |
* 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, 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 |
Six Months Ended |
|||||||||||||||||||||||||||||||
($ in thousands, except per |
2020 |
EPS |
2019 |
EPS |
2020 |
EPS |
2019 |
EPS |
||||||||||||||||||||||||
Pre-Tax Adjustments |
||||||||||||||||||||||||||||||||
Deferred Compensation |
$ |
2,550 |
$ |
1,592 |
$ |
(1,210) |
$ |
6,698 |
||||||||||||||||||||||||
Business Restructuring |
$ |
225 |
$ |
450 |
$ |
582 |
$ |
1,183 |
||||||||||||||||||||||||
Cash-Settled SARs |
$ |
661 |
$ |
289 |
$ |
(381) |
$ |
1,909 |
||||||||||||||||||||||||
Environmental |
$ |
2,908 |
$ |
2,908 |
||||||||||||||||||||||||||||
Voluntary Debt |
$ |
1,247 |
$ |
1,247 |
||||||||||||||||||||||||||||
Total Pre-Tax |
$ |
3,436 |
$ |
6,486 |
$ |
(1,009) |
$ |
13,945 |
||||||||||||||||||||||||
Cumulative Tax Effect on |
$ |
(828) |
$ |
(1,573) |
$ |
230 |
$ |
(3,381) |
||||||||||||||||||||||||
After-Tax Adjustments |
$ |
2,608 |
$ |
0.11 |
$ |
4,913 |
$ |
0.20 |
$ |
(779) |
$ |
(0.03) |
$ |
10,564 |
$ |
0.45 |
Table III |
||||||||||||||||||||||||||||
Deferred Compensation Plan |
||||||||||||||||||||||||||||
The full effect of the deferred compensation plan on quarterly pre-tax income was |
||||||||||||||||||||||||||||
2020 |
2019 |
|||||||||||||||||||||||||||
12/31 |
9/30 |
6/30 |
3/31 |
12/31 |
9/30 |
6/30 |
3/31 |
|||||||||||||||||||||
|
N/A |
N/A |
$ |
97.10 |
$ |
88.46 |
$ |
102.44 |
$ |
97.06 |
$ |
91.91 |
$ |
87.52 |
||||||||||||||
The deferred compensation income statement impact is summarized below:
Three Months Ended |
Six Months Ended |
|||||||||||||||
($ in thousands) |
2020 |
2019 |
2020 |
2019 |
||||||||||||
Deferred Compensation |
||||||||||||||||
Operating Income (Expense) |
$ |
(6,464) |
$ |
(2,395) |
$ |
859 |
$ |
(9,868) |
||||||||
Other, net – Mutual Fund Gain |
3,914 |
803 |
351 |
3,170 |
||||||||||||
Total Pretax |
$ |
(2,550) |
$ |
(1,592) |
$ |
1,210 |
$ |
(6,698) |
||||||||
Total After Tax |
$ |
(1,938) |
$ |
(1,210) |
$ |
920 |
$ |
(5,090) |
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 |
||||||||||||||||||||||||||||||||
($ in millions) |
Three Months Ended |
Increase (Decrease) |
Decrease Due to Foreign Currency Translation |
Six Months Ended |
Increase (Decrease) |
Decrease Due to Foreign Currency Translation |
||||||||||||||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||||||||||||||||||
|
$ |
460.5 |
$ |
473.0 |
$ |
(12.5) |
$ |
(20.2) |
$ |
910.5 |
$ |
962.2 |
$ |
(51.7) |
$ |
(28.5) |
||||||||||||||||
Gross Profit |
98.5 |
93.0 |
5.5 |
(4.4) |
177.8 |
177.6 |
0.2 |
(5.8) |
||||||||||||||||||||||||
Operating Income |
44.6 |
41.1 |
3.5 |
(3.3) |
84.6 |
70.8 |
13.8 |
(4.1) |
||||||||||||||||||||||||
Pretax Income |
47.8 |
39.5 |
8.3 |
(3.3) |
83.3 |
70.6 |
12.7 |
(4.1) |
Table V |
||||||||
Consolidated Balance Sheets |
||||||||
|
|
|||||||
ASSETS |
||||||||
Current Assets |
$ |
796,376 |
$ |
818,789 |
||||
Property, Plant & Equipment, Net |
634,004 |
639,317 |
||||||
Other Assets |
113,028 |
121,261 |
||||||
Total Assets |
$ |
1,543,408 |
$ |
1,579,367 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current Liabilities |
$ |
319,172 |
$ |
339,114 |
||||
Deferred Income Taxes |
24,068 |
23,391 |
||||||
Long-term Debt |
184,315 |
198,532 |
||||||
Other Non-current Liabilities |
117,592 |
125,834 |
||||||
Total Stepan Company Stockholders' Equity |
897,429 |
891,783 |
||||||
Noncontrolling Interest |
832 |
713 |
||||||
Total Liabilities and Stockholders' Equity |
$ |
1,543,408 |
$ |
1,579,367 |
View original content:http://www.prnewswire.com/news-releases/stepan-reports-record-quarterly-results-and-first-half-earnings-301097590.html
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