NORTHFIELD, Ill., Feb. 22, 2018 /PRNewswire/ -- Stepan Company (NYSE: SCL) today reported:
Fourth Quarter Highlights
Full Year Highlights
"2017 was a good year as the Company delivered record reported and adjusted net income," said F. Quinn Stepan, Jr., Chairman, President and Chief Executive Officer. "Improved product mix, increased asset utilization and enhanced internal efficiencies continued to drive results. Both Surfactants and Polymers benefited from our diversification strategy and we anticipate further contributions in 2018.
For the full year, Surfactants delivered record operating income due to improved product mix, lower manufacturing costs, and the accretive impact of our 2016 Brazil acquisition. Sales benefited from our diversification efforts into functional products, higher sales within the household, industrial and institutional end markets and continued growth in more specialized applications.
Polymers delivered its second best full year results despite increased competitive pressure and higher raw material costs within our North American Polyol business. Global Polyol volumes were up slightly despite share loss in North America. The market for insulation materials remains strong due to continued global energy conservation efforts."
* 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.
** Free cash flow is defined as cash flow from operations less capital expenditures and cash dividends paid.
Financial Summary |
|||||||||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||||||||
($ in thousands, except per share data) |
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
|||||||||||||||||
Net Sales |
$ |
473,823 |
$ |
420,636 |
13 |
% |
$ |
1,925,007 |
$ |
1,766,166 |
9 |
% | |||||||||||
Operating Income |
$ |
30,831 |
$ |
9,932 |
210 |
% |
$ |
146,160 |
$ |
126,193 |
16 |
% | |||||||||||
Net Income |
$ |
9,884 |
$ |
8,417 |
17 |
% |
$ |
91,578 |
$ |
86,191 |
6 |
% | |||||||||||
Earnings per Diluted Share |
$ |
0.42 |
$ |
0.36 |
17 |
% |
$ |
3.92 |
$ |
3.73 |
5 |
% | |||||||||||
Adjusted Net Income * |
$ |
24,649 |
$ |
12,294 |
100 |
% |
$ |
108,691 |
$ |
98,187 |
11 |
% | |||||||||||
Adjusted Earnings per Diluted Share * |
$ |
1.06 |
$ |
0.52 |
104 |
% |
$ |
4.65 |
$ |
4.25 |
9 |
% | |||||||||||
* See Table II for reconciliations of non-GAAP Adjusted Net Income and Adjusted Earnings per |
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.
Percentage Change in Net Sales
The 13% increase in quarterly net sales was primarily due to higher selling prices, which were mostly attributable to the pass through of certain higher raw material costs. Current quarter net sales also benefited from a 1% increase in volume and a 3% positive impact of foreign currency translation.
Three Months Ended December 31, 2017 |
Twelve Months Ended December 31, 2017 |
|||||||
Volume |
1 |
% |
-1 |
% | ||||
Selling Price |
9 |
% |
9 |
% | ||||
Foreign Translation |
3 |
% |
1 |
% | ||||
Total |
13 |
% |
9 |
% |
Segment Results |
||||||||||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||
($ in thousands) |
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
||||||||||||||||||
Net Sales |
||||||||||||||||||||||||
Surfactants |
$ |
324,174 |
$ |
282,549 |
15 |
% |
$ |
1,297,555 |
$ |
1,181,563 |
10 |
% | ||||||||||||
Polymers |
$ |
131,083 |
$ |
116,286 |
13 |
% |
$ |
546,634 |
$ |
498,826 |
10 |
% | ||||||||||||
Specialty Products |
$ |
18,566 |
$ |
21,801 |
(15)% |
$ |
80,818 |
$ |
85,777 |
(6)% |
||||||||||||||
Total Net Sales |
$ |
473,823 |
$ |
420,636 |
13 |
% |
$ |
1,925,007 |
$ |
1,766,166 |
9 |
% |
Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||
($ in thousands, all amounts pre-tax) |
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
||||||||||||||||||
Operating Income |
||||||||||||||||||||||||
Surfactants |
$ |
28,257 |
$ |
14,582 |
94 |
% |
$ |
119,990 |
$ |
99,796 |
20 |
% | ||||||||||||
Polymers |
$ |
19,029 |
$ |
16,510 |
15 |
% |
$ |
82,801 |
$ |
96,788 |
(14)% |
|||||||||||||
Specialty Products |
$ |
2,250 |
$ |
4,249 |
(47)% |
$ |
9,952 |
$ |
10,698 |
(7)% |
||||||||||||||
Segment Operating Income |
$ |
49,536 |
$ |
35,341 |
40 |
% |
$ |
212,743 |
$ |
207,282 |
3 |
% | ||||||||||||
Corporate Expenses |
$ |
(18,705) |
$ |
(25,409) |
(26)% |
$ |
(66,583) |
$ |
(81,089) |
(18)% |
||||||||||||||
Consolidated Operating Income |
$ |
30,831 |
$ |
9,932 |
210 |
% |
$ |
146,160 |
$ |
126,193 |
16 |
% |
Total fourth quarter operating income, excluding corporate expenses, increased $14.2 million, or 40%, versus the prior year quarter. Total full year operating income, excluding corporate expenses, increased $5.5 million or 3% versus the prior year.
Corporate Expenses |
||||||||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 | |||||||||||||||||||||
($ in thousands) |
2017 |
2016 |
% Change |
2017 |
2016 |
% Change | ||||||||||||||||
Total - Corporate Expenses |
$ |
18,705 |
$ |
25,409 |
(26)% |
$ |
66,583 |
$ |
81,089 |
(18)% | ||||||||||||
Deferred Compensation Expense/(Income) * |
$ |
(406) |
$ |
4,210 |
NM |
$ |
4,857 |
$ |
16,805 |
(71)% | ||||||||||||
Restructuring and Asset Impairment Expense |
$ |
1,271 |
$ |
6,003 |
(79)% |
$ |
3,069 |
$ |
7,064 |
(57)% | ||||||||||||
Adjusted Corporate Expense |
$ |
17,840 |
$ |
15,196 |
17% |
$ |
58,657 |
$ |
57,220 |
3% | ||||||||||||
* See Table III for a discussion of deferred compensation plan accounting. |
Income Taxes
The full year effective tax rate was 34.3% in 2017 compared to 24.3% in 2016. This increase was primarily attributable to the enactment of the U.S. Tax Cuts and Jobs Act, which resulted in a net tax cost of $14.9 million in 2017. The one-time net impact of $14.9 million was a result of the $19.4 million transition tax expense on certain unrepatriated earnings of foreign subsidiaries, partially offset by the $4.5 million favorable impact related to the re-measurement of net U.S. deferred tax liabilities at a lower future corporate tax rate. The increase in the effective tax rate was partially offset by favorable nonrecurring discrete items. We expect the effective tax rate to be in the range of 20% to 23% in 2018.
Selected Balance Sheet Information
The Company's net debt level decreased $48.4 million for the quarter while the net debt to total net debt plus equity ratio dropped from 5% to -1%, reflecting cash balances in excess of total debt. The decrease in net debt was attributable to a $34.8 million increase in cash combined with a $13.6 million decline in total debt. The fourth quarter rise in cash was primarily attributable to improved working capital components.
($ in millions) |
12/31/17 |
9/30/17 |
6/30/17 |
3/31/17 |
12/31/16 | |||||||||
Net Debt |
||||||||||||||
Total Debt |
$ |
290.8 |
$ |
304.4 |
$ |
304.4 |
$ |
316.7 |
$ |
317.0 | ||||
Cash |
298.9 |
264.1 |
223.8 |
197.8 |
225.7 | |||||||||
Net Debt |
$ |
(8.1) |
$ |
40.3 |
$ |
80.6 |
$ |
118.9 |
$ |
91.3 | ||||
Equity |
740.1 |
734.9 |
707.3 |
673.2 |
634.6 | |||||||||
Net Debt + Equity |
$ |
732.0 |
$ |
775.2 |
$ |
787.9 |
$ |
792.1 |
$ |
725.9 | ||||
Net Debt / (Net Debt + Equity) |
-1% |
5% |
10% |
15% |
13% |
The major working capital components were:
($ in millions) |
12/31/17 |
9/30/17 |
6/30/17 |
3/31/17 |
12/31/16 | ||||||||||||||
Net Receivables |
$ |
293.5 |
$ |
314.1 |
$ |
306.2 |
$ |
287.5 |
$ |
263.4 | |||||||||
Inventories |
172.7 |
163.7 |
178.4 |
189.8 |
173.7 | ||||||||||||||
Accounts Payable |
(205.0) |
(172.4) |
(169.2) |
(163.8) |
(158.3) | ||||||||||||||
$ |
261.2 |
$ |
305.4 |
$ |
315.4 |
$ |
313.5 |
$ |
278.8 |
The Company had full year capital expenditures of $78.6 million in 2017 versus $103.1 million in the prior year.
Outlook
"After record results in 2016 and 2017, we believe our Surfactant business will continue to benefit from our diversification efforts into functional products, new technologies, expanded sales into our broad customer base globally and the stabilization of commodity surfactant volumes. However,
headwinds in our North America Polymer business related to lost share and lower margins will continue to challenge us in 2018," said F. Quinn Stepan, Jr., Chairman, President and Chief Executive Officer. "Results will benefit from the lower U.S. corporate tax rate in 2018."
Conference Call
Stepan Company will host a conference call to discuss its fourth quarter and full year 2017 results at 10:00 a.m. ET (9:00 a.m. CT) on February 22, 2018. The call can be accessed by phone and webcast. Telephone access will be available by dialing +1 (800) 659-3371, and the webcast can be accessed through the Investor Relations/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 under the Investor Relations center 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 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
Contact: Matthew J. Eaken |
(847) 446-7500 |
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. 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 8-K and Form 10-Q reports and exhibits to those reports, and include (but are not limited to) risks and uncertainties related to disruptions in production or accidents at manufacturing facilities, global competition, volatility of raw material and energy costs, disruptions in transportation or significant changes in transportation costs, reduced demand due to customer product reformulations or new technologies, the probability of future acquisitions and the uncertainties related to the integration of acquired businesses, maintaining and protecting intellectual property rights, international business risks, including currency exchange rate fluctuations, legal restrictions and taxes, the impact of changes in the tax code as a result of recent federal tax legislation and uncertainty as to how some of those changes may be applied, our ability to estimate and maintain appropriate levels of recorded liabilities, our debt covenants, our ability to access capital markets, downturns in certain industries and general economic downturns, global political, military, security or other instability, costs related to expansion or other capital projects, interruption or breaches of information technology systems, the costs and other effects of governmental regulation and legal and administrative proceedings and our ability to retain executive management and key personnel.
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.
Table I | ||||||||||||||||
STEPAN COMPANY For the Three and Twelve Months Ended December 31, 2017 and 2016 (Unaudited ? in thousands, except per share data) | ||||||||||||||||
Three Months Ended December 31 |
||||||||||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||||||
Net Sales |
$ |
473,823 |
$ |
420,636 |
$ |
1,925,007 |
$ |
1,766,166 |
||||||||
Cost of Sales |
393,224 |
351,916 |
1,586,742 |
1,427,621 |
||||||||||||
Gross Profit |
80,599 |
68,720 |
338,265 |
338,545 |
||||||||||||
Operating Expenses: |
||||||||||||||||
Selling |
13,787 |
14,960 |
54,271 |
57,212 |
||||||||||||
Administrative |
21,665 |
19,835 |
76,041 |
75,185 |
||||||||||||
Research, Development and Technical Services |
13,451 |
13,780 |
53,867 |
56,086 |
||||||||||||
Deferred Compensation (Income) Expense |
(406) |
4,210 |
4,857 |
16,805 |
||||||||||||
48,497 |
52,785 |
189,036 |
205,288 |
|||||||||||||
Business restructuring and asset impairments |
1,271 |
6,003 |
3,069 |
7,064 |
||||||||||||
Operating Income |
30,831 |
9,932 |
146,160 |
126,193 |
||||||||||||
Other Income (Expense): |
||||||||||||||||
Interest, Net |
(2,826) |
(3,350) |
(11,444) |
(13,205) |
||||||||||||
Other, Net |
527 |
427 |
4,521 |
828 |
||||||||||||
(2,299) |
(2,923) |
(6,923) |
(12,377) |
|||||||||||||
Income Before Income Taxes |
28,532 |
7,009 |
139,237 |
113,816 |
||||||||||||
Provision for Income Taxes |
18,646 |
(1,402) |
47,690 |
27,618 |
||||||||||||
Net Income |
9,886 |
8,411 |
91,547 |
86,198 |
||||||||||||
Net (Income) Loss Attributable to Noncontrolling Interests |
(2) |
6 |
31 |
(7) |
||||||||||||
Net Income Attributable to Stepan Company |
$ |
9,884 |
$ |
8,417 |
$ |
91,578 |
$ |
86,191 |
||||||||
Net Income Per Common Share Attributable to Stepan Company |
||||||||||||||||
Basic |
$ |
0.43 |
$ |
0.37 |
$ |
3.99 |
$ |
3.78 |
||||||||
Diluted |
$ |
0.42 |
$ |
0.36 |
$ |
3.92 |
$ |
3.73 |
||||||||
Shares Used to Compute Net Income Per Common Share Attributable to Stepan Company |
||||||||||||||||
Basic |
22,961 |
22,860 |
22,946 |
22,793 |
||||||||||||
Diluted |
23,426 |
23,335 |
23,377 |
23,094 |
||||||||||||
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 |
2017 |
EPS |
2016 |
EPS |
2017 |
EPS |
2016 |
EPS |
||||||||||||||||||||||||
Net Income Reported |
$ |
9,884 |
$ |
0.42 |
$ |
8,417 |
$ |
0.36 |
$ |
91,578 |
$ |
3.92 |
$ |
86,191 |
$ |
3.73 |
||||||||||||||||
Deferred Compensation (Income) Expense |
$ |
(1,006) |
$ |
(0.04) |
$ |
2,654 |
$ |
0.11 |
$ |
(40) |
$ |
(0.00) |
$ |
9,977 |
$ |
0.43 |
||||||||||||||||
Business Restructuring |
$ |
834 |
$ |
0.04 |
$ |
4,028 |
$ |
0.17 |
$ |
2,216 |
$ |
0.09 |
$ |
4,824 |
$ |
0.21 |
||||||||||||||||
Contract Termination Settlement |
? |
? |
$ |
(2,805) |
$ |
(0.12) |
? |
? |
$ |
(2,805) |
$ |
(0.12) |
||||||||||||||||||||
US Tax Reform Impact |
$ |
14,937 |
$ |
0.64 |
? |
? |
$ |
14,937 |
$ |
0.64 |
? |
? |
||||||||||||||||||||
Adjusted Net Income |
$ |
24,649 |
$ |
1.06 |
$ |
12,294 |
$ |
0.52 |
$ |
108,691 |
$ |
4.65 |
$ |
98,187 |
$ |
4.25 |
* 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.
Reconciliation of Pre-Tax to After-Tax Adjustments | ||||||||||||||||||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||||||||||||||
($ in thousands, except per |
2017 |
EPS |
2016 |
EPS |
2017 |
EPS |
2016 |
EPS |
||||||||||||||||||||||||
Pre-Tax Adjustments |
||||||||||||||||||||||||||||||||
Deferred Compensation (Income) Expense |
$ |
(1,622) |
$ |
4,281 |
$ |
(65) |
$ |
16,092 |
||||||||||||||||||||||||
Business Restructuring |
1,271 |
6,003 |
$ |
3,069 |
$ |
7,064 |
||||||||||||||||||||||||||
Contract Termination Settlement |
? |
(4,250) |
? |
$ |
(4,250) |
|||||||||||||||||||||||||||
Total Pre-Tax Adjustments |
$ |
(351) |
$ |
6,034 |
$ |
3,004 |
$ |
18,906 |
||||||||||||||||||||||||
Cumulative Tax Effect on Adjustments |
$ |
179 |
$ |
(2,157) |
$ |
(828) |
$ |
(6,910) |
||||||||||||||||||||||||
US Tax Reform Impact |
$ |
14,937 |
? |
$ |
14,937 |
? |
||||||||||||||||||||||||||
After-Tax Adjustments |
$ |
14,765 |
$ |
0.64 |
$ |
3,877 |
$ |
0.16 |
$ |
17,113 |
$ |
0.73 |
$ |
11,996 |
$ |
0.52 |
Table III | ||||||||||||||||||||||||||||||||
Deferred Compensation Plan | ||||||||||||||||||||||||||||||||
The full effect of the deferred compensation plan on quarterly pre-tax income was $1.6 million of income versus $4.3 million of expense in the prior year. The year-to-date pretax impact was $0.1 million of income versus $16.1 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: | ||||||||||||||||||||||||||||||||
2017 |
2016 |
|||||||||||||||||||||||||||||||
12/31 |
9/30 |
6/30 |
3/31 |
12/31 |
9/30 |
6/30 |
3/31 |
|||||||||||||||||||||||||
Stepan Company |
$ |
78.97 |
$ |
83.66 |
$ |
87.14 |
$ |
78.81 |
$ |
81.48 |
$ |
72.66 |
$ |
59.53 |
$ |
55.29 |
||||||||||||||||
The deferred compensation income statement impact is summarized below: | ||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 | |||||||||||||||
($ in thousands) |
2017 |
2016 |
2017 |
2016 | ||||||||||||
Deferred Compensation |
||||||||||||||||
Operating Income (Expense) |
$ |
406 |
$ |
(4,210) |
$ |
(4,857) |
$ |
(16,805) | ||||||||
Other, net ? Mutual Fund Gain (Loss) |
1,216 |
(71) |
4,922 |
713 | ||||||||||||
Total Pretax |
$ |
1,622 |
$ |
(4,281) |
$ |
65 |
$ |
(16,092) | ||||||||
Total After Tax |
$ |
1,006 |
$ |
(2,654) |
$ |
40 |
$ |
(9,977) |
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, 2017 as compared to 2016: | ||||||||||||||||||||||||||||||||
($ in millions) |
Three Months Ended December 31 |
Increase (Decrease) |
Increase Due to Foreign Currency Translation |
Twelve Months Ended December 31 |
Increase (Decrease) |
Increase Due to Foreign Currency Translation |
||||||||||||||||||||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||||||||||||||||||||||
Net Sales |
$ |
473.8 |
$ |
420.6 |
$ |
53.2 |
$ |
12.4 |
$ |
1,925.0 |
$ |
1,766.2 |
$ |
158.8 |
$ |
9.9 |
||||||||||||||||
Gross Profit |
80.6 |
68.7 |
11.9 |
2.2 |
338.3 |
338.5 |
(0.2) |
2.6 |
||||||||||||||||||||||||
Operating Income |
30.8 |
9.9 |
20.9 |
1.4 |
146.2 |
126.2 |
20.0 |
1.7 |
||||||||||||||||||||||||
Pretax Income |
28.5 |
7.0 |
21.5 |
1.3 |
139.2 |
113.8 |
25.4 |
1.6 |
Table V | ||||||||
Stepan Company Consolidated Balance Sheets December 31, 2017 and December 31, 2016 | ||||||||
December 31 |
December 31 |
|||||||
ASSETS |
||||||||
Current Assets |
$ |
788,736 |
$ |
685,541 |
||||
Property, Plant & Equipment, Net |
598,443 |
582,714 |
||||||
Other Assets |
83,682 |
85,635 |
||||||
Total Assets |
$ |
1,470,861 |
$ |
1,353,890 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current Liabilities |
$ |
320,253 |
$ |
297,265 |
||||
Deferred Income Taxes |
10,962 |
12,497 |
||||||
Long-term Debt |
268,299 |
288,859 |
||||||
Other Non-current Liabilities |
130,433 |
119,353 |
||||||
Total Stepan Company Stockholders' Equity |
740,096 |
634,604 |
||||||
Noncontrolling Interest |
818 |
1,312 |
||||||
Total Liabilities and Stockholders' Equity |
$ |
1,470,861 |
$ |
1,353,890 |
SOURCE Stepan Company
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