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Stepan Reports Higher First Quarter Sales and Earnings.
NORTHFIELD, Ill., April 24 /PRNewswire-FirstCall/ -- Stepan Company today reported first quarter results for the period ended March 31, 2007.
SUMMARY
($ in thousands) Three Months Ended March 31
2007 2006 Change
Net Sales $313,004 $289,612 + 8
Net Income 5,687 3,049 + 87
Earnings per Diluted Share $0.56 $0.31 + 81
FIRST QUARTER RESULTS
Net income for the quarter was $5.7 million, or $0.56 per diluted share, compared to $3.0 million, or $0.31 per diluted share, for the prior year quarter. Excluding the effect of the deferred compensation plan, net income would have been $4.9 million compared to $4.1 million in the prior year. The accounting requirement for the deferred compensation plan results in expense when the price of Stepan Company stock and mutual funds held for the plan rise and income when they decline.
Gross profit improved by $2.5 million, or eight percent, primarily driven by improved North American surfactant volume and higher European polyol volume. See segment discussion below.
Net sales increased eight percent due to higher sales volume (nine percent), partially offset by a one percent decline in average selling prices. The lower selling price was due to higher sales of commodity surfactants to the consumer ...
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Source: HighBeam Research, Stepan Reports Higher First Quarter Sales and Earnings.