SCL - Stepan Company Q3: Earnings Miss Lower Sales Volume Dividend Hike & More | Benzinga
Stepan Company (NYSE: SCL) reported a third-quarter FY23 sales decrease of 22% year-on-year, to $562.226 million, missing the analyst consensus of $603.72 million owing to lower selling prices.
Adjusted EPS of $0.64 missed the analyst consensus of $0.75.
Net Sales from Surfactants fell 21% Y/Y, Polymers down 21%, and Specialty Products plunged 36%.
The lower selling prices were mainly attributable to the pass-through of lower raw material costs, less favorable product/customer mix, and competitive pressures.
Gross profit declined 39.9% Y/Y to $71.24 million. Total ...