Stepan Company increases annual dividend by 14% to $1.28 The board also declared a two-for-pone stock split on its common stock in the form of a 100% stock dividend. The annual dividend rate after the split will be 64c per common share.
Stepan Company remain 'on track' to re-establish earnings momentum for FY15 CEO Quinn Stepan commented, "In the second half, Surfactant earnings should benefit from new commodity laundry volumes in North and Latin America, continued diversification of our business in Europe as well as contributions from improved operations and our efficiency program. We expect continued Polymer income growth in 2015 driven by higher polyol volumes used in rigid insulation and metal panels. Our construction projects to add polyol capacity in China and Poland are progressing and both should start production in 2016."
Stepan reports Q2 Surfactant sales volumes up 1%, operating income $24.2M Reports Q2 Polymer sales volumes up 3%, operating income $23.4M. Reports Q2 Surfactants revenue down 10% to $299.74M and Q2 Polymer sales down 10% to $133.61M.