Northfield, Illinois –
The figure translated to a 7.5% loss on its second quarter net income of $22.7 million but the company said sales volume grew by 5% in the first nine months of the year and rose 9% for the quarter.
Gross profit increased to $74.3 million, compared to $71.3 in the prior year.
In the polymer segment, gross profit rose by 30% to $26.6 million but surfactant gross profit declined by 2% to $45.0 million. The company said the growth in its polymer section was partly down to a boost in European sales but also a $3.7 million business interruption insurance recovery related to a fire in its German polyol plant in 2011.
“Despite the challenging environment, we delivered improved earnings,” said F Quinn Stepan, president and CEO. “Our business delivered volume growth and we continue to invest strategically for the future,” he added.