18.02.2014 15:08:37
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Stepan Co. Q4 Earnings Decrease; Ups Quarterly Dividend
(RTTNews) - Stepan Company (SCL), a manufacturer of specialty and intermediate chemicals, Tuesday reported a drop in earnings for the fourth quarter, chiefly as a rise in costs overwhelmed sales growth.
Further, the company increased its quarterly cash dividend to $0.17 per share, payable on March 14, with record date as February 28.
Earnings decreased to $10.65 million, or $0.46 per share, from $15.44 million, or $0.68 per share, a year earlier.
Excluding certain items, earnings decreased to $14.29 million, or $0.62 per share, from $18.01 million, or $0.79 per share, a year earlier.
On average, 2 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.86 for the quarter.
For the three months to December, net sales rose to $474.33 million from $427.26 million a year earlier.
Looking ahead, CEO Quinn Stepan said, "Although we are experiencing a slow start to the year with severe weather impacting customer locations and our own facilities in North America, income this year should rebound as many of the events that held us back in 2013 are behind us."
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