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![STEPAN CO [SCL] reports annual net loss of $40.2 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FSCL.png&w=1200&q=75)
STEPAN CO [SCL] has reported a net loss of $40.2 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $2.3 billion
Based in NORTHFIELD, Illinois, STEPAN CO operates in the MANUFACTURING sector.
Consolidated Statements of Income - USD ($) shares in Thousands 12 Months Ended Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2021
Net Sales:
- Dec. 31, 2023: $2,325.77 million
- Dec. 31, 2022: $2,773.27 million
- Dec. 31, 2021: $2,345.97 million
Cost of Sales:
- Dec. 31, 2023: $2,048.17 million
- Dec. 31, 2022: $2,346.20 million
- Dec. 31, 2021: $1,950.16 million
Gross Profit:
- Dec. 31, 2023: $277.60 million
- Dec. 31, 2022: $427.07 million
- Dec. 31, 2021: $395.81 million
Operating Income:
- Dec. 31, 2023: $58.61 million
- Dec. 31, 2022: $207.34 million
- Dec. 31, 2021: $170.78 million
Net Income:
- Dec. 31, 2023: $40.20 million
- Dec. 31, 2022: $147.15 million
- Dec. 31, 2021: $137.90 million
Earnings Per Share (EPS) - Attributable to Stepan Company:
- Basic EPS:
- Dec. 31, 2023: $1.77
- Dec. 31, 2022: $6.46
- Dec. 31, 2021: $6.01
- Diluted EPS:
- Dec. 31, 2023: $1.75
- Dec. 31, 2022: $6.38
- Dec. 31, 2021: $5.92
The financial performance of Stepan Company shows a decrease in net sales from $2,773.27 million in 2022 to $2,325.77 million in 2023. The cost of sales also decreased from $2,346.20 million in 2022 to $2,048.17 million in 2023. This resulted in a lower gross profit of $277.60 million in 2023 compared to $427.07 million in 2022.
Operating income saw a significant decline from $207.34 million in 2022 to $58.61 million in 2023. Similarly, net income decreased from $147.15 million in 2022 to $40.20 million in 2023.
Earnings per share (EPS) also experienced a decrease, with basic EPS dropping from $6.46 in 2022 to $1.77 in 2023, and diluted EPS decreasing from $6.38 in 2022 to $1.75 in 2023.
Overall, Stepan Company faced challenges in profitability and financial performance in the fiscal year ending December 31, 2023, compared to the previous year.
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