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Stepan earnings fall short of estimates on weak surfactants results

3:11 PM MDT | July 24, 2013 | Vincent Valk

Stepan’s second-quarter net income rose 6% year-on-year (YOY), to $22.7 million, on net sales up 1%, to $474.4 million. Excluding deferred compensation plan income, however, net income fell 10%, to $20.4 million, or 89 cts/share, short of analysts’ estimates of $1.01/share, as reported by Thomson Reuters (New York). Sales in the surfactants segment declined 1% YOY, to $331.1 million, while segment gross profit was down 7%, to $48.3 million. Lower sales of high-margin oilfield products and higher raw material costs drove the declines. Consumer cleaning...

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