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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Stepan Company Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 7, 2012 11:22AM
Stepan Company (SCL) filed Quarterly Report for the period ended 2012-03-31. Highlight of Business Operations:Consolidated net sales increased $42.7 million, or 10 percent, quarter over quarter. Higher average selling prices and sales volumes accounted for approximately $29.9 million and $17.9 million, respectively, of the increase. The unfavorable effects of foreign currency translation reduced the quarter-over-quarter net sales change by $5.1 million. The rise in average selling prices was primarily attributable to price increases resulting from higher quarter-over-quarter raw material costs and to a more favorable sales mix. Sales volume improved four percent, reflecting increases for all three segments.Surfactants net sales for the first quarter of 2012 increased $22.3 million, or seven percent, over net sales for the first quarter of 2011. Higher average selling prices and a four percent increase in sales volume accounted for approximately $14.3 million and $11.9 million, respectively, of the net sales change. The unfavorable effects of foreign currency translation reduced the quarter-over-quarter net sales change by $3.9 million. A quarter-over-quarter comparison of net sales by region follows: Net sales for North American operations increased nine percent due to a six percent increase in average selling prices and a three percent increase in sales volume, which accounted for $12.4 million and $6.2 million, respectively, of the net sales change. The unfavorable effects of foreign currency translation reduced the quarter-over-quarter net sales change by $0.2 million. Average selling prices increased due to higher quarter-over-quarter average raw material costs and a more favorable mix of sales. The increase in sales volume was attributable primarily to an increase in sales of functional surfactants used in agricultural, oilfield and biodiesel applications. Net sales for Latin American operations increased 22 percent as a result of a 20 percent increase in average selling prices and a six percent increase in sales volume, which accounted for $6.7 million and $2.0 million, respectively, of the quarter-over-quarter net sales change. The unfavorable effects of foreign currency translation reduced the net sales change by $1.7 million. The increase in average selling prices was attributable to increased raw material costs. The Brazil subsidiary accounted for about 70 percent of the quarter-over-quarter sales volume increase, as the Company benefited from its prior year capital expansion. Sales volumes for the subsidiaries in Mexico and Colombia were also up quarter over quarter. Polymers net sales for the first quarter of 2012 increased $10.4 million, or 12 percent, over net sales for the first quarter of 2011. A seven percent increase in sales volume and higher average selling prices accounted for $5.9 million and $5.6 million, respectively, of the increase. The unfavorable effects of foreign currency translation reduced the quarter-over-quarter net sales change by $1.1 million. A quarter-over-quarter comparison of net sales by region is displayed below:
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