Stepan Posts Record Quarter
Polymer net sales were $113.9 million in the first quarter, a $4.5 million increase versus prior year. Sales volume increased 18% in the quarter primarily due to continued growth in polyols used in rigid foam insulation and insulated metal panels, and this accounted for $19.3 million of the increase. Selling prices were slightly lower which decreased net sales by $12.2 million. The translation impact of a stronger U.S. dollar decreased net sales by $2.6 million. Operating income increased $7.4 million or 50% versus the prior year. The improvement was primarily attributable to volume growth in North America and Europe, improved performance in Phthalic Anhydride, and lower raw material costs.
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