US Stepan posts 60% increase in Q1 op profit

22 April 2008 16:19  [Source: ICIS news]

TORONTO (ICIS news)--Stepan posted a 60% increase in first-quarter operating income to $16.9m (€10.6m) from $10.5m in the 2007 first quarter on higher sales and sales prices, the US specialty chemicals producer said on Tuesday.

 

Sales were up 22% to $381m for the three months ended 31 March, and net profit rose 54% to $8.7m.

 

Stepan sales increased in all its three core segments: surfactants sales rose 23% to $290m, polymer sales 18% to $81m and specialty products 31% to $10m.

 

"Profitability of our global surfactant business was up 51% as we continued to improve our customer and product mix, recaptured lost margin on fabric softeners, reduced outsourcing and benefited from our restructuring efforts,” said CEO Quinn Stepan.

 

“Within polymers, the decline in phthalic anhyhride profitability was mostly offset by volume growth in our global polyol business.”

 

“While we remain concerned about the potential impact of a recession, we believe our first-quarter improvement is sustainable and anticipate continued profit growth over last year," he added.

 

($1 = €0.63)

By: Stefan Baumgarten
+1 713 525 2653

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