Stepan Company (NYSE:SCL) communicated its second quarter earnings results on Wednesday 22nd July 2020 before market open.
The reported $ 1.54 income per share for the quarter
On adjusted basis, Stepan Company reported income for the quarter of $ 1.65 per share, beat the consensus estimate of $ 1.20 income per share by $ 0.45 or 37.50 percent.
The quarterly earnings increased 18.46 percent compared with the same quarter last year.
The firm had revenue of $ 460.55 million for the quarter, compared to the consensus estimate of $ 451.33 million. The revenues outshined analysts estimates by $ 9.22 million or 2.04 percent.
The financial report showed revenues shrunk 2.63 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
F. Quinn Stepan, Jr., Chairman, President and Chief Executive Officer, said, 2020 will continue to be a difficult year for the world, our country and our industry. We believe our business remains better positioned to perform than most as we demonstrated in the second quarter. Our teams are working to minimize vulnerabilities and capture opportunities that are available to us.
In a separate press release, the Board of Directors declared a quarterly cash dividend on the common stock of $ 0.275 per share. The dividend is payable on September 15, 2020, to common stockholders of record on August 31, 2020. The Company increased its quarterly cash dividend in the fourth quarter of 2019 by $ 0.025 per share.
