Stepan hits 52-week high on better-than-expected Q2 earnings
Shares of specialty and intermediate chemicals producer Stepan Company (NYSE:SCL) have hopped 19% today after announcing higher second-quarter earnings ahead of today’s opening. Net income for the quarter ended June 30 was $9.8 million, or $0.93 per share, compared with $4.7 million, or $0.47 a share, for the same quarter a year earlier. Analysts had been expecting earnings per share of $0.49.
“Profitability of our global surfactant business continued to benefit from an improved customer and product mix, reduced outsourcing and our restructuring efforts, as well as recaptured margins. Our polymer results were driven by global polyol volumes as high energy prices led to increased demand for insulation. Phthalic anhydride sales were down due to the slow economy,” said F. Quinn Stepan Jr., president and CEO, in a statement.
Shares are at a 52-week high of $56.99 at 12:54 p.m. ET, up $9 from Monday’s close. For detailed price information and recent news stories about Stepan Company, click SCL.
