Stepan Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Stepan Co. submitted its Q1 2024 10-Q filing, detailing financial performance across its key segments and highlighting various debt and equity instruments.</b>

AI Summary

STEPAN CO (SCL) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Stepan Co. filed its quarterly report (10-Q) on May 8, 2024, for the period ending March 31, 2024. The filing includes data related to various financial instruments and segments, such as Polymers, Specialty Products, and Surfactants. Specific dates like 2023-01-01 to 2023-03-31 and 2024-01-01 to 2024-03-31 are referenced for segment performance and financial reporting. The report details information on debt instruments including Senior Unsecured Notes and Unsecured Private Placement Notes. It also covers equity components like Additional Paid-In Capital and Common Stock as of March 31, 2023, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking STEPAN CO, this filing contains several important signals. This filing provides investors with the latest financial snapshot of Stepan Co., crucial for understanding its performance in the first quarter of 2024 and its financial health. The detailed segment information (Polymers, Specialty Products, Surfactants) allows for an in-depth analysis of which business areas are driving growth or facing challenges.

Risk Assessment

Risk Level: low — STEPAN CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor Stepan Co.'s upcoming earnings calls and subsequent filings for commentary on the segment performance and financial trends highlighted in this 10-Q.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of Date)
• 2023-03-31 — Prior Year Quarter End (Data point for comparison)
• 2023-12-31 — Prior Year End (Data point for comparison)

Key Players & Entities

• STEPAN CO (company) — Filer name
• SCL (company) — Ticker symbol
• 2024-03-31 (date) — End of reporting period
• 2024-05-08 (date) — Filing date
• Polymers (business_segment) — Operating segment
• Specialty Products (business_segment) — Operating segment
• Surfactants (business_segment) — Operating segment

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $1 — nge on which registered Common Stock, $1 par value SCL New York Stock Exchan

Filing Documents

• scl-20240331.htm (10-Q) — 1867KB
• scl-ex31_1.htm (EX-31.1) — 13KB
• scl-ex31_2.htm (EX-31.2) — 12KB
• scl-ex32.htm (EX-32) — 8KB
• 0000950170-24-055552.txt (&nbsp;) — 9021KB
• scl-20240331.xsd (EX-101.SCH) — 1223KB
• scl-20240331_htm.xml (XML) — 1869KB

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements STEPAN COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME Unaudited (In thousands, except per share amounts) Three Months Ended March 31, 2024 2023 Net Sales $ 551,418 $ 651,436 Cost of Sales 481,137 577,876 Gross Profit 70,281 73,560 Operating Expenses: Selling 11,388 13,067 Administrative 22,690 22,639 Research, development and technical services 14,256 15,138 Deferred compensation expense 1,778 1,502 50,112 52,346 Business restructuring expense — 157 Operating Income 20,169 21,057 Other Income (Expense): Interest, net ( 3,071 ) ( 2,822 ) Other, net (Note 15) 2,362 1,668 ( 709 ) ( 1,154 ) Income Before Provision for Income Taxes 19,460 19,903 Provision for Income Taxes 5,567 3,761 Net Income 13,893 16,142 Net Income Per Common Share (Note 10): Basic $ 0.61 $ 0.71 Diluted $ 0.61 $ 0.70 Shares Used to Compute Net Income Per Common Share (Note 10): Basic 22,824 22,757 Diluted 22,948 22,994 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 2 STEPAN COMPANY CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Unaudited (In thousands) Three Months Ended March 31, 2024 2023 Net Income $ 13,893 $ 16,142 Other Comprehensive Income: Foreign currency translation adjustments (Note 11) ( 6,551 ) 18,423 Defined benefit pension adjustments, net of tax (Note 11) 58 58 Derivative instrument activity, net of tax (Note 11) 829 ( 1,517 ) Total Other Comprehensive Income ( 5,664 ) 16,964 Comprehensive Income $ 8,229 $ 33,106 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 3 STEPAN COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (Dollars in thousands) March 31,

View Full Filing

View this 10-Q filing on SEC EDGAR