Exhibit 99.1

 

Stepan Reports Record Fourth Quarter Results and Full Year 2020 Earnings

 

Northfield, Illinois, February 18, 2021 -- Stepan Company (NYSE: SCL) today reported:

 

Fourth Quarter Highlights

 

 

Reported net income was $30.4 million, or $1.30 per diluted share versus $22.0 million, or $0.95 per diluted share, in the prior year.  Adjusted net income* was $33.1 million, or $1.42 per diluted share versus $25.7 million, or $1.10 per diluted share, in the prior year.  Total Company sales volume increased 7% versus the prior year.  

 

 

 

Surfactant operating income was $43.3 million versus $33.9 million in the prior year. This increase was primarily attributable to an 8% increase in global sales volume as well as improved product and customer mix.  The sales volume growth was principally due to higher demand for cleaning, disinfection and personal wash products as a result of COVID-19.

 

 

 

Polymer operating income was $22.8 million versus $11.4 million in the prior year. This increase was mostly attributable to an insurance recovery related to the first quarter 2020 Millsdale, IL plant power outage and a 7% increase in global Polymer sales volume versus prior year.  Global rigid polyol volume growth of 10%, principally in Europe, more than offset lower demand within the phthalic anhydride business.

 

 

 

The Company recognized a final $13.0 million pre-tax insurance recovery related to the first quarter 2020 Millsdale, IL plant power outage.  Surfactant and Polymer operating income benefited $3.0 million and $10.0 million, respectively, in the fourth quarter.  All expenses, business interruptions and insurance recoveries associated with the Millsdale power outage were captured in the full year 2020.  

 

 

 

Specialty Product operating income was $5.2 million versus $5.0 million in the prior year.  This slight improvement reflects a more favorable product mix during the current year quarter.  

 

 

 

As previously announced, the Company acquired INVISTA’s aromatic polyester polyol business and associated assets on January 29, 2021.  The transaction included two manufacturing sites, one in Wilmington, NC (United States) and the other in Vlissingen (the Netherlands).  The Company believes that INVISTA’S available spare capacity, combined with debottlenecking opportunities in both plants, will allow Stepan to support future market growth in a capital efficient way.  The Company recognized one-time tax costs of $2.8 million for cash repatriations related to this acquisition in the fourth quarter. The acquired business has global sales of approximately $100.0 million.

 

 

Full Year Highlights

 

 

Reported net income was a record $126.8 million, or $5.45 per diluted share, versus $103.1 million, or $4.42 per diluted share, in the prior year.  Adjusted net income* was a record $132.0 million, or $5.68 per diluted share, versus $119.4 million, or $5.12 per diluted share, in the prior year.  Total Company sales volume reached a record high, up 3% versus the prior year.  

 

 

1


The following information was filed by Stepan Co (SCL) on Thursday, February 18, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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