Earnings call transcript Q2 2023

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Operator

Good day, and thank you for standing by, and welcome to the Q2 2023 Stepan Company Earnings Conference Call. [Operator Instructions].

I would now like to introduce your host for today's call, Luis Rojo, CFO. Please go ahead.

Luis Rojo

Good morning, and thank you for joining Stepan Company's Second Quarter 2023 Financial Review.

note in please contain conference begin, statements. forward-looking we that this information call Before historical facts. not are which These risks limited to economic and differ our statements Exchange actual operations, conditions materially, cause involve foreign in including, and and uncertainties Commission factors but our and filings. not global to, detailed for could prospects regional that Securities results

available the the earnings information slide the you Officer. to encourage section Scott President and you joining we presentation, perspective we website. and these Whether as which call like we We are same the that, Behrens, on hope our With us the approximately slides phone, time Mr. would online at have our I of available made when the divestor release or is investor www.stepan.com to Executive over helpful. find make Chief review to the that you turn issued, at over

Scott Behrens

adjusted impacted market record and in results. net priorities our will our discuss updates The certain joining will and $XX.X reported second thank performance. results. softness I most our us also quarter Good to demand for additional details our provide XX% quarter across Luis in financial year were sales company continued destocking to channels. from strategic key significantly plan of highlights I on today due markets of quarter second you Earnings second by volume million. prior morning, quarter versus income inventory all-time while decline share a the to continued second on our share

count proactive incentive-based Gradual a quarter unit for prior in due improvement and significantly activity versus polyol lower controls implemented were only and Surfactant favorable Specialty Products due lower to pressure. and our Polymer earlier than within inventory mix, versus volume accruals year while second destocking were margins the versus slightly our In our business less in the year prior high-cost prior Cash compensation. within for pricing by the as business. year of margins discretionary rigid and slightly were head expense to more offset lower was agricultural result quarter, year expenses throughout lower segments

in the $XX.X quarter, slightly quarter in For second EBITDA was by of in year $XX.X first driven primarily sales million was EBITDA quarter decline prior of the volume. million the the versus lower quarter, Adjusted adjusted XXXX. the than XXXX

operating sales in due Second was primarily decline $XX.X million versus the XX% to quarter income million volume. $XX.X global in prior year a Surfactant quarter,

product high In and were mix, addition, Unit margins due carryover in America. Latin cost increased competitive inventory slightly pricing less favorable pressure to lower

Polymer in operating was in $X.X within a chain income the a was Polyols. the decrease million $XX.X a versus million decrease XX% was income attributable sales primarily prior and to lower volume, decline year. operating margins unit was of the $XX.X primarily medium in versus This year. year. global record triglycerides line $X.X Specialty decrease including This Product to versus due million, volume prior sales decline a volume million Rigid prior XX% product

its dividends to Stepan's in has that and share ability the XXXX. our second will $XXX a under of generate authorized for our X an the million current during half $X.XXX invest XX, program payable years. stock quarterly earnings, to of repurchase per Directors. business the return a macro declared shareholders its shareholders. environment the to of first diversity cash company business and we to its first our in cash remain cash million remaining and has continue Stepan challenging not any our Directors by Yesterday, Despite second on confident in the did XXXX dividend of the of months us consecutive Board company quarter company paid million Board dividend XXXX, strength During September $XX.X the allow repurchase $X.X stock of XX quarter during and and our increased and to share, XXXX. common of on reduced paid The

now results. quarter our Luis will some first about share details

Luis Rojo

My you, slide presentation. Scott. the comments generally will follow Thank

Let's X net per or versus per Adjusted to income press measures. a $X.XX can quarter. this X Because presentation table million full year. of diluted the we in of $X.XX Slide the the was start with release. million Appendix is provide share prior income to recap net measure, the found or X And in $XX share, $XX.X diluted non-GAAP reconciliations be comparable the and GAAP adjusted

represent in the stock the price, our the rights million Because as cash-settled deferred to to also deferred well appreciation plan the compensation from prior items income compensation excludes remediation income adjusted movement $X.X business The environmental change compared expenses the company's discussion. compensation costs. of million stock expense employees. deferred Specifically, liabilities net in figures restructuring related as income first minor net quarter an of the It excludes for $X.X exclude and year. with if for the operational these we

shows down in the and quarter is decrease income. Slide net second is not an figure the here income after-tax net net last breaks the bridge quarter, adjusted X for second company year's income, basis. to the and total this on compared Because

volumes. compensation lower lower half income half favorable the versus first driven was rate We segments first [indiscernible] half XXXX company XXXX. or more will XX% to by first tax distributed in first more benefits the experienced versus in summarize, detail, but XXXX of XXXX. This stock-based cover The from effective in in of tax decrease was primarily in operating the of half XX% the awards we to derived all exercised of due

Let's overall in associated The backward and year-over-year. by results lower XX% prior X,X integration was sales to X% quarter, on low inventory Dx decrease XX% demand, $XXX million transition. in net move previously with decreased volume the a for Surfactant were focused year. and one versus Slide for customer channel due reduction Surfactant Slide segment destocking volume disclosed customer the were prices the quarter. the down X the Selling X. to and

company X,X net Latin headwinds due with decline lower XX% quarter Surfactant quarter. for year. X%. the increased translation primarily in income America. the mix to and all [indiscernible] preoperating the Pasadena due prior Dx volume. in by during also to before operating well the Higher to currency as Unit $XX income expenses from a in expenses low positively carryover as declined due this sales decreased favorable were less Latin pressures versus competitive margins imports demand and lower were transition slightly to million Foreign in associated inventory mentioned Surfactants pressure regions, in decrease America. our site in overall product Operating high-cost the of Most impacted is

Slide decline Net reflect were by North million lower for in net demand volume. global destocking lower primarily were to Polymer China. sales by by the in volume inventory The demand year. prior region operating Polymers and X. lower customer income foreign versus decreased to results channel polyol due X%. versus in and construction-related XX%, and lower was translation million prices volumes. businesses. XX% positively $XX.X Selling activities. XX% turning growth impacted impacted volume the partially and offset prior America and decreased both decrease decreased $XXX.X decrease a the Europe quarter, sales specialty currency X% a volumes in to due Now Volume This primarily XX% on year, the and

following demand improved reopening results of the increased China. Asia on

high the was to prior were operating Specialty quarter, a pressures. Finally, income record sales was $XX.X Volume primarily operating cost year. versus second carryover and XX% while million between income for XX% million net due decreased The decrease versus the quarter in in down $X pricing XXXX. a Product years, decline inventory

healthy. Turning to Slide remains sheet X. balance Also our

our to reducing and increased to lowering capital business the have capital current spending to efforts adapt working We environment.

$XXX CapEx million, debt and investments, second operations from cash against dividends. a For deployed we million healthy the quarter, $XXX payments was and

from we strong $XXX Our this improved $XXX in net the of generation. first a XXXX debt continue quarter as to million quarter cash million to deliver

XX, update Now you on X -- strategic Scott on our will and cap capital investments. priorities strategic and and Slide

Scott Behrens

on we disappointing program should second to including Global capital employees control actions will Center, to elevated which continue Technology management a year taking initiatives are eligible retirement the and we to our in Based despite flat I here progress us expenses headquarters continued full improved on year help results, our cash costs targeting prior for XXXX. regards our flow, In the cost voluntary to improve located pressure early This both cost further and are inflation. XXXX hold of program in quarter down cash at Luis. Thanks, area. comments my and deliver versus financial the expenses, earnings cash our or focus corporate and on investments. cash major from Chicago position

in take We third the charge a expect quarter. to restructuring

our finish spending compared million by down half the Our as second first sequentially and on $XX we half year over coming $XX to projects spending million begin capital weeks of decline Pasadena should the in the the to to X,X-dioxane remaining quarters. wind

$XX to by additional up the reduce cash. second We inventories million half, also expect in freeing

Moving The injury. $XXX to at XX% in new capital our Construction million. is surpassed facility an and production Slide approximately estimated new now Pasadena, without complete XX, Texas construction investment alkoxylation XXX,XXX stands hours on has

We XX% investment business underlying the up of in and The by that margins. the be expect and consolation first supports growth of mid-XXXX. attractive in the complete half continued Pasadena year volume strong Pasadena plant double-digit at its to the year-end start to

our to produce limits meet North The on and quarter. this that we As assets capacity in now commissioned increasing X,X-dioxane. regulatory and complete Millsdale facility mechanically are are know, you new are American capability ether new sulfates being

growth volumes grow X,X-dioxane XXXX will North largest market, and beyond. Once to should North American completed, half started of have sulfonation serving X,X-dioxane have maintain Stepan volume low capacity in the and will in production already drive American the XXXX. second enable installed Stepan business low contracted and New the our merchant which

rigid believe of to growth continued will with lower and improve raw costs. gradual year driven we associated second first versus material new Surfactant forward, XXXX, contracted and of margins demand incrementally recovery the sequentially polyol half Looking half in volumes business the by in continue volume the

improved half position and cash, first advance half an second to results and strategic and our to should our spending disappointing, up balance financial While sheet CapEx free and anticipated initiatives. growth our continue invest us innovation long-term benefit capital were working allowing lower

We announced actions early expect retirement voluntary additional benefit in today's XXXX. costs, including control to will our earnings program

XXXX. to adjusted over remarks. half current we will market the concludes challenges, the believe our near-term second continues present earnings of environment While prepared first half This improve

the over turn to like call we'd time, for questions. this At

for Justin, please question of today's portion the instructions the call. review

Operator

And question our Partners. Instructions]. from Seaport comes first Harrison from Research Mike [Operator

Michael Harrison

demand start on seeing as I both Surfactants the more So to and here. wanted volume of the understand Polymers underlying to business Maybe trying little little And in is progressed. see a you to of were quarter in expect do I when I'm just what looks segments, trends volumes the bit guys understanding terms think those become you like? really I more to bit think in representative of what what a to and get both stabilize

Scott Behrens

We Yes. in both Thanks, time Surfactant June stabilization Mike. believe the, seen -- July say, the Polymers June, the I'd volumes we May, of the frame. the have and

So in has that the second incremental down stabilized. volumes in half our sequentially, the month-over-month polyol QX, will we for that versus we And continue growth to the believe grow. remarks, contracted QX, X% the have shared and prepared from volume sequentially here. we And our Surfactant rigid volumes drive

incremental Surfactant the a in on recovery to the polymer in was and our experienced think half. from second I in path think perspective, And we're July. So stabilization going June I be to

Luis Rojo

Luis. Mike, is So this

Let points. me other few a add

mentioned, Scott QX. in bottom hit we we As believe

sequential release as business in that QX QX, the we a rigid by the in mentioned is, but and Now the earnings was our we in QX. polyol saw destocking significant from dynamic, remarks in to business offset improvement in ag our

offset saw expect the that piece probably volume should further contracted the progress we business. actually destocking the the still in Polymers. that's offset we But business and So again, in that. And the some Polymers ag new that

believe for we we second the a gradual the in elements we saw believe improvement bottom So we half. the and have

Michael Harrison

in through your the like and And still on you but update higher an in it be relates key when to environment a expect looks to to Maybe as would some recovery of cost, point you're bit and more come pricing some see could current margins maybe where what maybe costs lower. where us just It pricing are it give start unit on to P&L. to balance lower you start as both guys out cost inventory like? the lower coming those looks little at segments, a you running reflect your Obviously, kind and -- dynamics of inventory start price is see

Luis Rojo

question, Mike. No, good

know company that in animal, only. in me is XXXX. we you products But And significant high unit first the X base Let things. separate -- we of we One saw margin that's the compression of specialty significant X% a had business. separate a half the

from and on pricing you the unit when MCPs on think imports we a business good lot saw of margins. that's carryover inventory where impact are pressure because a about So Asia,

our Surfactants about still and are think So Polymers, healthy. very unit we -- margins

the minus unit you course, margins X% with material an our price company X%, in went down Of mix, prices raw So saw expectations. line with our are overall in our okay?

And that gradual the not second should inventory gradual we in we as we margin but in volume cost as see our also improvement we material, believe, only the as continue down running high remarks said you mentioned. growth half,

prices next that We when not planning say be X throughout improvement see see on gradual of in we X when the we jump month ones, oil And are think is and or to increases me that, running of quarter. basis. significant an big for we look let raw So still but spot materials a high going QX this you the about in course, or raw at we you QX see, couple stabilization, all materials are an current decreases in not right? and also but quarters. our

few and the the , kind a for next saw of that's quarters. oil You in consensus

Michael Harrison

taking last expected All my the cost and a some quarter. here And you're you plan mentioned third Understood. guess in question take early charge restructuring is I retirement actions to right. and

look point? Just some taking? actions the this on maybe bit the And of at associated any you savings a do have more sense little actions of you're with could what those that like color

Scott Behrens

today program internally. just Mike, Yes, announced that we

to back really this be about the premature more be have progression the So could or plan. details the size be. in potential QX talking estimating when We'll we what of is about

Operator

Anderson from And Vincent our Stifel. next question from comes

Vincent Anderson

Yes.

during just you over declines of leg a And if since So this year, were really about maintaining $XX ways, Surfactant go general years kind look mind, of And the XXXX, and yet has trend weighing dollar a like million I had volume you refresh memory respect? trended implied you don't specifically then of a if the million. last little about volumes you've little back since my this maybe what XXXX. tailwind at in from earnings? is you volume over finally And few had Can and until that despite dollar I then earnings contribution that cumulative on on $XXX how dollar business lower. headwinds

Luis Rojo

the think you if so Vincent, in years. X about the Surfactants last

the So of you pandemic -- know course, up. remember, XXXX, strategy. volumes our And with spike big clear

business, Tier also Our to X, clear business, strategy is continue Tier growing in with margin. and customers, which provide higher functional higher-margin X the a growing

we So that able strategy, X. our the volume business, years, business to the in from reduction XXXX, growing construction -- and X our what peak growing despite you industrial of our X saw last were materialize growing pandemic Tier the X, and functional to Tier in

GBP can different segment, profitability, have mean GBP about talked So that's this, you why profitability. million I very another type I in to think is when mean difference we -- in think we There XX about million the XXX away. of right a were able lot here

we that strategy. was So executed strategy, our on and our

Vincent Anderson

the more Latin helpful. maybe a then maybe That's import pretty Mexican Okay. market and between then that on a the of the . sulfonation American position can about has And separate if in rest business, recall, broadly? detail, Latin which, and talk I you significant America exposure out pressures maybe bit your

Scott Behrens

Yes.

and the the as know, competitive of because production And earlier that a Asia into So specific And of Mexico. pressures hasn't in still I'd constraints in of security up we were And American South that. chain of lot that there's Mexico's started market coast that's recovered and say to thought, we supply up even pace to experience import been supply. down reopened lot China all really ramped Surfactant China, required at there and the also we to pressure year. this a imports anticipation cover

plants pressures. To taken world in imports we say but less. region, production probably a what's pricing the site sees incrementally the started Mexico and our the in our locally margins the also throughout one a that first of That expect pressures half the up improve. to Indian Colombia be try on we've extent, Brazilian more aggressive and But region production our business in has down. business competitive what Columbia think the including move The pressure seen that's to So volume really I'd is is that volumes tends of I competitive Brazil, imports pricing activity market and is keep and to little the and stabilize, supplied, second -- China. has less much lesser been we impacted Brazil. that seen

Vincent Anderson

And Okay. with raw these do of significant position? No, I in make materials react of your areas transient that. are on exit would maybe price this volume to be and expectation Or effort competition helpful. some a over competition? conscious very to to pretty that in you know just specifically the the component did price, prices you you'd prioritize to that's have a expect a But better

Scott Behrens

No.

Your former statement is correct.

So we acted to measures we could volumes. stabilize ensure once assess we appropriately situation, pricing with that the

Operator

And from our next from question comes Stonegate. Storms Dave

Dave Storms

seeing could of hoping acquisition customer Just environment the kind you current that what discuss you're on front? and

Scott Behrens

Yes.

there's or -- acquisitions customer industry call I'd a that of Surfactant well level are Surfactant been issues looking side, Surfactant the of hampered business churn we've to business relates activities, prices. the pricing the had any But done or competitive flip new has in by for of marketplace. the it and not very constrained the as as lower still lot our happening. I -- customers acquisition say, on definitely -- has it new within a there's first business, half, you've higher should Within

as continue at acceptable an higher this the from acquisitions environment, much customer characterize but churn our pace perspective. I a So new

Dave Storms

just balance sheet. turning the then helpful. Very to And

quarter-over-quarter. was sequentially down net slightly Your debt

comfortable level with how take are if curious up the repayment running? is is debt expected once stage to Just Pasadena you or center XX% and

Luis Rojo

Yes.

mean the have did in believe acquisition. business in because the last in INVISTA end our years saw, you So we as we invested markets, right, we I few

a is X investments short, and XX the XX low and short X, programs investments years. are in for The news investment are behind X,X that not short, lot have for is good next These big These right? the We only. that Pasadena. term us, of

the with And from to a materialize. so So continue good we that need biggest can to the right cash to that invest is And that the a these sheet at outflows. look them will the again, balance deleveraging news the here, we for need long-term new we improving are opportunities view are past sure continue we investments. little other bit in business

have a acquisitive, , will continue opportunities. and the looking We the lot continue more future in in we about be for will talked past and to we

Operator

[Operator from David next comes CL King from And Associates. our Instructions]. Silver question &

David Silver

like I'd Scott. Yes. of wouldn't focus, but start with you areas on of A mind, maybe and customer the to kind your of couple destocking if activity perspective maybe that.

would into is carrying Tier more the to be you of this the this seasonal regionally some So devil there's might And have market you the to details destocking you say they seem impact X probably be maybe meaningful guess price period where this you Tier inventory of it's into a customers? like than the or customer a for was number from if cited destocking would the anticipated. characterize have a maybe there. merchant Xs But did were But and I quarter. activity, -- companies, from did lot bigger you reason, you whatever in say the competition

the or you characterize you the nature raw So in words, could percentages just that were maybe beyond if of seeing just numbers? other destocking the

helpful. on year. nature regional that further, the and back would did the the reductions, seen the customers Just taking half on further you just economies inventories anticipated kind then of you color are you the be of destocking activity I inventories second half of -- have in And you in you guess, talk quarter that the that? trading back down that anticipated? you've the because know, on or it your nature Any color than the about of year a Is because, don't do some slower the of in little anticipate I are that

Scott Behrens

David. of Yes. business of QX, destocking and consumer our polyol the so for to side say, all definitely Thanks, I With the started regards destocking, products in, our segments business. in happen obviously would in to sure

you the that handle don't was second think anyone entering much we're back would inventory to when channels. and we going April, stuffed polyol on destocking demand think probably a pattern say in of to really forward. we rigid a throughout predominantly and I I is consumer business, destocking is out we're into how look products. late good us, the going stabilized try in year. had behind The the the forward going a and can the think it. appreciate the What I starting half in say bottomed for normal get same pattern thing now to now normal true volume be is May,

us in The chemicals. for surprise was agricultural

volume to So proprietary abruptly. agricultural you're is that proprietary segment chemicals market has branded. servicing, an associated generic the it if more branded, the record whether our or in And of And QX. had in in what in all commodity end kind business markets with you're of we do the all-time with pesticide you're in May, stopped

inventory we we not experiencing a channel now. we're in get did demand did QX probably normal market. end in full massive and that in us the ag, it to through The pattern in announced We see and slowdown for different because companies it and the it back see will a saw we a before take ag. You ag, of are segment is QX of

predominantly done I'd times, with, normal So same experienced the at we second destocking a for pattern industries, side, the the issue the markets, the and but Surfactant expect different think leave all to different demand say I I Polymers, want is you different half.

David Silver

of have the back clarify, other outlined? it's Polymers. ag half liquidation, not a significantly or it's fair Is what chem just it towards so and to -- tilted just And you predominantly much and so on summary the surfactants the not

Scott Behrens

and about bit finished about of inventory talking little reduction. raw materials We're asked goods. you really our a And Correct.

Some well. operational as of that is

is reconstruction. on river large of One plants a that's going through major our lock

in X-month So of that we materials outage. ahead higher to of levels have bring X- or

at when we'll more business project is done be polymer end the back normal inventory levels in as of So well. that September, the in

in from and shared we think number expectations. for a I perspective real $XX reduction that's our million So the earlier our in second the half target inventories

David Silver

I'd like touch just to for also current -- guess, the on the expansion. Pasadena the I line time

may I decision off, not just it overly a So scheme be mid-XXXX overall you wondering things. slip the if little now startup, characterize maybe or another But of but your like to planned so, the of was seems in maybe quarter means could dramatic to in the time whole mid-XXXX. kind I line move

orders? might I your expansion else? that project right other don't But would say reflection Or your for ever. mid-XXXX there largest a capacity demand the time line to now timing Is not why that -- -- is So be is that anything customer or you construction know, for customer most for and tied some maybe of factors. the

Scott Behrens

strictly for Thanks David. is the related construction delays to within No, Yes. the this question, process.

we remarks, in business, continuing grow sequentially double-digit new prepared going As that's line these assets is to through quarter-over-quarter. the volumes underlying the at our strong product mentioned

So project the right construction, construction actual the the phase healthy. the in is of We're now. business

design change So you're getting field issues.

constraints. that You're into labor

complete we're QX. the by and to plan I are of these our what QX start-up -- the end targeted caused X month asset behind initial have about just think us be was, So mechanically months weak in little commissioning that we expect progressive to delays

about for commercial you volumes to time articulate an are available, us So think when when view, the mid-XXXX. frame is external from right

trying We are get to at... that

David Silver

Go right sorry. ahead,

Scott Behrens

there. that we running because as the to I in soon say, highest and it's up David, was best just to going can asset our is as demand get interest

David Silver

I detail on the Okay. construction comment. time the I definitely line. heard your missed demand

last about trying thank And perspective? low wondering, be and of that. a version development your low newer and for other from in may word, and -- talk I the customers last it just out way use may chemical a drop been this Or a how Is X,X-dioxane and off. In a where the work that replacement? there How practical kind then of yours your of in be terms? this subtlety their that just X,X-dioxane swap where kind legacy out formulation kind does you little as receive product But of a or in the intermediate I'm just case marketing kind bit they you've is them. supplying of do bit your clarifying issue that cause a So thinking there any customers about one? any the is this of the through the the I new your your just kind words, issues could that product the -- does to you product, that of transition you think have version the right take traditional And would I'm rollout of of question, of maybe but or of liquidation an caused or has kind backups an of from of some who give or to results the maybe quarter customer X? flowed or say,

Scott Behrens

putting is, on U.S. quickly gasoline low case, David, can shampoos says a sulfates think here or I great was and has their gasoline comparison in the question. unleaded, changes So this to regulation from market the this of switching The ether to leaded certain in have everyone like simplest date okay? X,X-dioxane. that is it now now

change from of been from lot been our play, it's last differentiation, the the et we've removal that transition It's of a to and marketing there's the our byproduct years regulation from a leaded franchise X to unleaded customers with that not a that right? gas, has existing cetera. working manage lift. over So So heavy

your So question. I hope that answers

David Silver

word trying Cannibalization was no, I great. think No. that's very the helpful. of. Yes. to was was That But

Operator

a have from we And Instructions]. [Operator Anderson Stifel. from follow-up question Vincent

Vincent Anderson

I just one. had more, X quick

think, in was correct? demand alkoxylation up product Is that I year-to-date. mentioned, double current digit your portfolio You

Scott Behrens

Correct.

Luis Rojo

Correct.

Vincent Anderson

the demand best. for I believe of kind that family area, at growth Yes, mid- estimates to high that seen single digit Okay. the typically put I've in

So can you your growth talk portfolio about specifically? what's been driving in your

Scott Behrens

Yes.

offerings simple. and it's are And organizations. importantly, and out our from R&D in focus the winning million $XXX our our our pretty So investment, a product we marketplace tremendous It's commercial more service. -- with

lot of activity in because Surfactant the supply needs, there's within that sustainability chain and So of 'XX. all because 'XX that's of happening a have happened the industry formulation constraints

a with formulation opportunity engage customers projects. honestly, lot of we're on there's to So winning. And quite

Vincent Anderson

That's just good follow-up the plant commercialize how quick a you to just then And hear. maybe size. that on

that far, pretty the with to you've translate a growth higher going customer your just is today it plant learned and larger that and higher the and start and take what with offtake to is to you've over up this really so once volumes quickly you'll is have kind capacity, mix seen is matched the Or current running? With volume to of customers.

Scott Behrens

Yes.

that is when coproducer strong business. plant and a we already up, there both our move network. internal around manufacturing as product external within demand existing an So baseload starts

pretty will to baseload start-up. confident transition line, lot once we're The a upon lot going good of the time different of that a commissioning products, so take there we're process have a So qualifications. of number months, is

steady production about continuous the before talking It's you're sustainable onstream demand. be stream that when to of earliest online. So going is QX at

Operator

showing to would questions. the to call for Behrens Scott closing further over now turn like I I no am And back remarks.

Scott Behrens

day. and appreciate We in for please Thank joining call. your interest very have us Justin. great Thank Stepan on you much a today's and Company, ownership you,

Operator

This Thank participating. you today's conference concludes call. for

may now disconnect. You

Stepan (SCL) 26 Jul 232023 Q2 Earnings call transcript