SCL - Earnings call 3 2023

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Operator

Good day, and welcome to the Stepan Company Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator's Instructions]Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Luis Rojo, Chief Financial Officer. ahead. go Please

Luis Rojo

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

Before the when presentation, or note section available of review historical begin, cause forward-looking involve earnings the we please the and actual slides we statements, call Investor this risks at We the materially, which and contains detailed we we perspectives you Officer. results conference to website. are have turn the approximately for make is and hope Exchange and that, Securities you these release would our to process made and are investor slide our Scott including, find Mr. limited, available Chief the our that not uncertainties as also operations, global www.stepan.com facts. President phone, differ time under statements regional to filings. at in you Whether which over economic that not foreign Behrens, like that information I conditions and encourage our These joining Executive could information online call to and but With in helpful. the factors Commission issued, over same

Scott Behrens

to details joining material single the by most us lower certain inventory markets key strategic activity. prior year headcount to less quarter surfactant priorities in Specialty morning, voluntary and margins in due import thank from lower high-cost market highlights inventory and our continued for were share implemented related cost favorable on continued pricing the Volumes quarter Expenses grew net our versus margins in to quarter results. quarter. million to due discretionary were product income also were on controls record updates carryover quarter, volume by the sales MCT year lower accruals. adjusted a retirement and compared additional were destocking of channels. $XX.X the versus significantly you a mix, financial reported all products. earlier impacted in third quarter across due I pressure year and raw performance, discuss slightly while our lower after-tax our third Good increased the We reserves high versus In unit Latin $X.X expense America digits will prior high participating and pressure employees of softness demand third decline program. to plan third unit Earnings our million. pricing today restructuring inventory proactive significantly our for America due to incentive-based of The compensation third X% the results. transition from share recorded imported to and company year provide we'll to product second prior Latin and early in in Luis

We make levels our reducing cash million. continue to significant inventory objectives, by progress our on $XX

project XXXX. low completed we Finally, in X-dioxane Constellation to our expected operational investments be and Pasadena, our in which continued midyear capital is X,

Surfactant a to million income prior competitive in Polymer driven inventory quarter, continued channel Adjusted from the a in and in the primarily primarily quarter by lower and million quarter in MCT versus to The in adjusted low should in decline pressure lead This versus to $X.X million versus was fourth with material by of year raw XX% due second Global second within was better and the in sales decline X% quarter, market adjusted The XXXX. within Demand was customer due sales of America and in year quarter, $XX million Unit the was record our year. margins in volume. which was the margins million $XX driven was in moving million second primarily versus within decrease to to of sales $XX.X to volume the $XX.X Residual unit Latin was unit Rigid year. million prior decline the year products. Polyol. high-cost pressure line lower decline remain operating volume versus destocking. imported in MCT for from be global operating business due quarter a primarily remained Polymers imports. than a versus driven margins agricultural XXXX in For consumed and million previous higher Specialty XXXX. quarter prior $XX.X decline prior attributable end decrease the $X.X by due $XX.X of sales EBITDA XXXX the $XX slightly line income year prior EBITDA should $XX $XX.X Product the forward. EBITDA million in the XX% of was in million million. year the margins global volume inventories third the operating income product prior

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

Luis Rojo

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

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

of decrease to stock year's rights income. price, income, down exclude quarter business are an these discussion. after-tax and Because Specifically, stock as cash It the reserve company's the income here after-tax deferred our the as are is this year. adjusted in X is company's by the net movement program. in figures third the compensation related the the quarter appreciation compensation for Slide plan the for early this excludes from shows with well operational represent to $X of of bridge total $X.X change we retirement quarter compared driven versus for net expenses. employees. Because million the is net the business voluntary excludes compensation The company million income deferred adjusted in basis. income liabilities million income $X.X prior item net on of third last This breaks third restructuring net the deferred figure also restructuring income not the

rate This lower was income double-digit summarize, detail, we volume X We was was decrease growth Slide tax XX% $XX.X compensation all personal of primarily exercised year. a more driven for to to by versus of months as benefits the care will the experienced business for XXXX our improved distributed segments first segment XXXX. cover quarter. X X to increase slightly months new derived in The low X first Surfactant in months volume segment year-over-year for was part million. Dx driven awards attributable business X%. surfactant XXXX. the or results the this first second from from of the of X favorable stock-based due volume of This but XX.X% operating in contracted income effective prior focus The for versus more the of surfactant transition. the tax quarter company's volume X, on Operating XXXX, during by increase

digits. Our up volumes laundry cleaning and mid-single were

to these Construction surfactants Industrial not these flat sales, of The the markets. believe cleaning destocking Solutions oil agricultural down were distribution, double versus in second on has we due sequential digit businesses quarter and driver end rolling and the greater and engagements, strong over cost quarter second institutional Based channel main income chemical results continued largely Our a third versus business generating of improvement was quarter. the is the first operating This destocking. XXXX. in and generally customer

X. Now Operating Polymers was Slide on turning million. income $XX.X polymers to for

our commodity by was global by increased growth. delivering volume business. of the rigid by offset high continue versus mid-single-digit growth This driven sequential decline second quarter-on-quarter, X% XX% a in We partially quarter single-digit growth in driven XXXX, polyols. PA Volume

and Specialty quarter $X.X down Product versus was was operating income differences. the XXXX timing million. reduction million, This due primarily second Finally, $X.X to order of

X. Slide to Turning

continue making We our on cash progress significant position.

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

the positive million was at $XX.X operations free flow quarter, For million. third from was cash cash and $XX

During investments, million and the quarter, we debt payments CapEx $XX deployed against dividends.

closed end which Finally, $XXX already million, at year initial goal. the inventories of is our below

further the by million $XX fourth another to in reduce inventory We are working quarter.

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

Scott Behrens

targeting and regard despite and of Luis. new Dioxane. our to cash the investments. cash year, prior management in capital cost initiatives focus we from the our from cost pressure X investments our year versus continue and on Pasadena and flat expenses to continued hold I X, cash or full progress will my comments In on expenses, XXXX Thanks, Low major down inflation

actions in cash are center, third eligible retirement Chicago area. employees control our voluntary corporate to both for took which quarter, the and including improve technology costs really global headquarters program a During at located we the and flow,

XXXX. We deliver pretax more $X in in savings million to than expect this program

combined conditions, workforce pretax Given when the deliver the which network. to market are $XX in across reduction manufacturing early million our in XXXX, program, productivity continued performance around expected and centered our challenging with are activities, savings we cost operational expanding improved retirement

remaining the disciplined million, capital X allocation. quarters of complete are the and Pasadena. million first X the million in during of XXXX we be million $XX capital quarter outlays facility Capital to the fourth efficient Regarding to are spending the now our $XX first alkoxylation and complete approach expected versus XXXX. of spending is continuing lower $XXX.X with XXXX Capital investments spending to as investments, months $XX.X was the the X-dioxanes X, in anticipated to low capital new and is in during down quarter of on range

expenditures full the $XXX be the capital year, For are to million range million. in of $XXX to expected

provide call, expect will XXXX February to for more capital details but return We in our to generally, we historical on forecast our levels.

facility Construction production surpassed has Texas Moving our construction alkoxylation approximately in is on new to Slide hours. and complete Pasadena, XX% XX. XXX,XXX

by year-end in mid-XXXX. attractive to a complete unit XX% We very be the and start expect of talk plant to margins. The underlining up

As increasing regulatory know, you are sales meet mill capacity are to limits sulfates undergoing in complete assets X,X-dioxane. we capability new and on new produce our North and are The mechanically now commissioning. facility that either American

growth in North beyond. the we business already as capacity the reach process which XXXX and New North production first contracted American site and our during enable shipping advance maintain volume American X,X-dioxane of have installed Stepan grow grow future. X,X-dioxane serving installed will and should the should capacity additional now the merchant commissioning volumes drive market, quarter XXXX largest from Stepan started to and full has the sulfonation in to the

months, experienced quarter low believe for in the during challenges XXXX agricultural those seasonal continued to polyols we destocking and demand including of forward, within the market the X normal Looking will fourth the the rigid quarter. first face end fourth similar

spending nearing end by are reduce we to phase. and our inventory levels expect capital of high the We further year-end,

innovation the our we initiatives remarks. this forward in to us to review XXXX. prepared by and anticipated call will for would time, sequential volumes deliver XXXX, growth At driven free question new the growth costs year-on-year like and in of look call. business, polyol position raw cash This and in positive aforementioned flow In volumes. the continued combination our strategic a lower for due of the demand, please concludes market today's in initiatives. We activities volume over closing, remain reduction we believe portion recovery anticipated and and our to long-term instructions agricultural we continued recovery, As growth the turn to should recovery of improve surfactant of contracted confident questions. earnings material rigid the margins cost execution Abby,

Operator

session. question-and-answer the Stifel. from conduct we'll time, comes Anderson this question At Instructions]Our with first [Operator's Vincent

Vincent Anderson

love but to idea of So then back the I if start-up we out when willing, would start you're plant I just just apart and leave cadence mid-XXXX for Pasadena, surfactants we respect half of wanted of see actually I explicit the the get to picking you that don't margins. the work impact maybe and of that 'XX on things costs kind the an as like maybe start-up the running. adjust towards

Luis Rojo

me of said we context let the year. first, for Luis, what provide this

extra So right? in cost of we of structure we Pasadena guidance This is expenses our the X,X million provided. between have year, and $XX low that this have

going you XX% going but of of we we're If up during hiring. to at have start the are look Pasadena XXXX, year, almost already is the I the the year, right? mean middle to cost in

to We we're the savings for going only ready be and are XXXX. And productivity half already to improvements the in activities benefit midyear. executing all our of back see of

extra When in a and million and all the the think that, at So million if the of in-sourcing all all you that second half. for savings XXXX. $X have headwind $XX to costs about it's extra we that you in look

million $X what you is million could to for XXXX. So model $XX

Vincent Anderson

give get just add to but you probably get that this want anything form was assumption on of restocking the don't or then And pretty Is sense to XXXX under to want the there that normalization impact the some just directionally specifics reverse from we that quarter out? would that you mix to in severe. this, I agriculture

Scott Behrens

Yes.

adjusted agricultural chemicals surfactants, materials, in we Vincent, double-digit have in income able agricultural of growth and/or in which the think, the impact to benefit in but earnings QX. the volume the this Surfactants X% in We're on in from volumes. did EBITDA a recovery volumes I obviously sequential of decline our not shared show quarter, did an decline

So I I'll impact the AGG. think of on that's all say

Luis Rojo

still And we and surface... a good mean in was Vincent, we we good XXXX. I talked publicly income QX, -- in had delivered strong A QX operating in QX

Vincent Anderson

of get PA. polymers. where kind about asset opportunities just maybe maybe products converting over in run If I then your the to towards you of but was thoughts thinking are a INVISTA could bit spray former on progress any I foam looking some shift term, a polyols, to with and to longer

if you've to bit saying return if should next curious environment a to harder that's or weaker able maybe that Just this demand in been little we year? push those

Scott Behrens

that would production With that intentions INVISTA new of regards is spray put and overall our our forward. pace. still site only I say perspective. that our our assets. there Vincent, and very Millsdale not production with are the has going at stopped and by plans our PA, our business the Yes, positive market outlook and no continue activities robust conditions, impacted to customers foam do from I PA that will think to or site, remain a the PA but has into market approvals prospective PA pursuit is been customer

Vincent Anderson

plants. as I using apologize one if unclear. I to was was PA into referring Millsdale the your a of INVISTA I feedstock

Scott Behrens

We did the integration 'XX, of the Vincent. business in

that synergies material care whatever we've taking operational gotten, XXXX. and in of raw So we're

Operator

Dave comes next Stonegate. Our from with question Storms

David Joseph Storms

$XX you talk a out that you restructuring from if start, on you're other million broke to that ground XX know little roughly million look like there's could XXXX. a more expecting savings $X over reductions maybe the What in love costs. I does would in like Just level? that about the

Scott Behrens

Yes.

global think as reduce in our the we benefits materials, centered inefficiencies I across our have around So we and network. to continuing operational we're put operational

report going that's big the to a that's to and have to from that QX envision There that And plans earnings putting waste, have our call in report fourth engage to million. our additional February activities our and So resources bucket get to productivity will progress. us also on going lot will in those be that call. more you even management, inventory in be of more look on are everything logistics, workforce have to we quarter procurement, can the we we'll together $XX

David Joseph Storms

X customers able updates just there between to thinking about it seeing new what getting there? the customer Tier versus then And Is and door? acquisitions in X Tier new any among you're X if and the down door break in you're customers

Scott Behrens

X customers, is been and new very or the of the volumes lot benefit That's in we investments. customer X, last demand generally, strategy issue the then offsetting of big happened on the new in contracted acquisition the acquisition. and think, to our our destocking that X right up we've we materials, a that's And X across XXXX continues growth we to our complete all have Tier sharing going years, a now at been the Tier I ramp in customers a as materials, obviously are pace. low is of continued The our over tiers. So positive momentum all of that robust shared and in part all our starting market has X,X-dioxane

Operator

Our CL Silver King next with comes question & from David Associates.

David Silver

I'll repeat to want away apologize remarks, may with -- to of I if did just improvement did couple you have did your the I want And of apologize I maybe yourself. in for stipulate here. segment. to about a advance in areas. step I during I a if the particular, polyols so minutes ask couple about talk start you I in make

per the I margins, unit So guess.

I'm I mean used in segment was construction construction China -- I the China was that you that better income. aware flattish and robust on slightly from volumes? little especially on sequential pick improvement are I the had the comment kind you basis, head. assuming wasn't a mainly wondering in kind could these provide of up a about I general I higher area. or now. scratching sequentially of So operating products in think if then did And shipment And my color.

couple helpful. comments would a be just So there of

Scott Behrens

unit in polymers. margins Regarding

between material to positive believe, to market to those and structure, the raw our through growth now we significant more been pricing and matching have the QX margins, quarters, do had And course, normal its we are in continue the back raw that towards of stabilized, believe we're sequential last material can demand volume we now reporting QX QX. work headwinds, you a see and our headwind. in a has we've So couple We destocking trajectory QX on space. polymer run as

that what China, efforts asset I product it was a unused years to site. X, broader applications. is much on relates markets the since our that to diversification markets As of seeing of a fully team's commissioned think building been and And strategy in and X we've result ago, of technologies diversification we're

Luis Rojo

of It's a that think Remember, site. that Europe. typical do When U.S. use Yes. that all or colstorage not in And insulation is end we we and of different about you market. here top the on that, and other using is And the team that is end driving different the diversify double-digit growth into done what fantastically a very strong has QX. markets, in assets businesses. in

David Silver

And customers to And liquidation where pick least and a at should the the And level? you be maybe during guess, chain between the supply chain excess to that Or largely be up press quarter, it, I polymers to the having and notice big supply pointing destocking being maybe I pandemic some fourth might did I good. if destocking from X, there's the destocking into largely perspective, the inventory I I fourth guess, a wondering quarters been completed, may would the I guess the still how are the I I destocking over there's through are you area. X. X going picture don't built know, at of just the was own us. in of mean, about want just concerns product But effect. just during overall draw And did reliability. draining, overall maybe be that drawdowns. if in and to reduction able in but release, customer I would I the progress destocking has then believe. make the bulk comment Scott's I quarter on think mean, characterize you there's the a contrast Very I be our mesh inventory behind up comments company big with on

Luis Rojo

other in Scott what done is There construction activities so in to Coast is where mentioning not business. almost David, was a the due activities destocking pocket to able the only was were polymers rain be West and executed. the

of already So see there piece there through. destocking is What the normal in is small in but polymers a remaining, of seasonality the QX if the business. polymers you in flushed But is most quarter a lot of winter X, in years, back demand activities course, XX, lot the terms don't go a because, is you XX execute state QX of winter. and our during of of lowest reroofing

And then and destocking and and is destocking seasonality. what Agg. all market personal in what surfactants, will have at are when done in remaining that's more have So the the QX. look we will we care you is February, cleaning, is we is in seeing We QX, -- mostly Agg believe see continue only how QX we perspective

Scott Behrens

destocking In QX destocking quarters, lagged QX in then and X the XXXX we is earlier, consumer saw in a the agg the destocking Luis record ag start had mentioned by activities agriculture. almost polymer in when we

to not another worth. at least for quarter probably it's So what it's

David Silver

$XXX to rise would million might of should kind I full continue some $XX then I you those couple spending a CapEx your of Last of million, off for year, XXXX. to where be I could look maybe me, we to round. at for quite is for in I out bedrock this helpful. absolute sustainable question, start And million mean, maybe if going But want maybe point But so next remind CapEx this just bit. to to cash try a get could much mean, thinking that be XXXX? do you to a with, if just tail to maybe of the trend I flow think Would the -- see rough level year. ask kind not DD&A, level ahead did a year numbers to be

Luis Rojo

cash from continue the very free on cash mentioned organization, year in about last the cash only done year, that in is operations by the these This operations What a capital that We you XX% first a are this is delivering effort all are EBITDA. year. we XXXX, million would say management -- question, up income, cash cash the $XX -- and next know, think of of goes but proud David. working into will is depreciation and basis. right, and as Last Great as okay? net cash X apply our lowball XXXX. lower and Scott it, year. And it's was flow months the also Pasadena our if year management taxes I from not I don't we lot we that inventory operations right? have of from that you mean on up help XX% efforts excellent because year, our a and don't record of provide and things cash result work will you your you It's you like bonds on a cash versus

between benefits we're to year a And see slides in for got million to in that XXXX. the in terms we next in So slides. going are depreciation is the those a of the point million that put a we are guidance know $XXX there. that the few -- ago, footnote is we estimating you but in $XXX cash the I provide just hours slide bullet

for So you in XXXX. your can modeling use that

David Silver

XX. last saw here it apologize. on Yes. I just literally On I that point, Slide

there. apologies So

Operator

question next Stonegate. Storms with comes Our Dave from

David Joseph Storms

full as and ramp-up of of Or capacity? there Earlier to for worth we we passing not Should of XX% fully expect are be should is the the the up a middle quarters be year. of that expecting capacity running next until at expected plant operational? couple expect to year to that running be cost

Scott Behrens

more Yes. accurate. latter Dave, is the statement

So unit be up product when about asset of and operations to more importantly, lot there's there. this we you the starting putting mix a an go that that think of size, will through have through commissioning

and periods specialized qualification that have protocols highly to is and customer it follow. we of Some there's

it in ramp-up be half for the second a So the will year, of sure.

David Joseph Storms

getting on logistics, door. a more the though The And is there there. is business. just question the are nature just contracts of that's it's demand contracts in not of the based the The

Scott Behrens

to to So assets, customers to protocol get sites. a production has from that up when customer we... new approve there's followed these qualification be Starting

Operator

question from next & Our Silver with CL comes David King Associates.

David Silver

my your surfactants and could, might to do be call year. here development from, what you would for customer I'd the ahead, time, over and years But over would company the out what, I going industry? on to that And record this then year a would This -- or have the be chain was here. know. or right and period say to you you points you now, reversion reflect the the is and a This business Scott, look trickier demand anything, long deviates in maybe was out? you X issues that for something chemical that maybe subsectors are now a just now if been it development We you Yes. might out question very to year, catch-up where a of you the that the I Scott, with But versus growth something. not points the the But I managing very a contrast or maybe not might efforts. from to product But to mean secular new the come there one this perspective, speaks stand surrounding consecutive volatile more think, just first come have X.X, time, next as within past your as some maybe transitional pandemic, to right delayed see yours. your of And opinion, as off and him you've whole about from back don't would But me, of the care like that long been some next you years, few X surfactants experience I that the the mean, think ask months a for call the X that or decades of pullback. managing long if maybe this reliability deferred boost XX unusual supply the industry. demand business I

Scott Behrens

Thanks the David. for question,

XX% of of as XX% the it been by unprecedented in cycle say around that industry the really constraints me is, after there's year chain XXXX, XXXX pandemic but according was industry, fact experienced a in within that not world the price to in in supply last has my reconciliation and just and we're as reductions Stefan the has what the up Combine calendar constraints the of that I in the what's in a industry the definitely opened the career for really supply the Let volume of months think year CapEx. paying unprecedented historical finishing chain chemical market. or think, strong surfactant the and material the in year economies investment surfactant a see caused the end my happening. demand opinion inventory It in I lot to is driven with largest of this our the XX

So our in X the driven just, the seen point by clouding right things and inflation can well think, the X a for we're to and investments years, prospects and historical heavy we in see we've too don't an unprecedented term are got it outlook unique and continue business our It's up downturn now value when our right the But over the you right our together, marry last investments the absolutely those in have long P&L now. I cycle making impact to on time consumer. shareholders. grow and we the spend

U.S. can that in the is we've tell seen the at impacted with You inflation that quarters least record here of the consumer X-plus

right So that thoughts David. now, my would be

Operator

[Operator's Instructions].

WAM. Robert comes question Our with next Court from

Robert Court

what cost. might about in pricing guys thinking high you was to up cadence margin you your businesses able interested on were me. be had you I are mid-double-digit hope gross price help of lower sort I -- your I that reversed. your noticed and single, guess, down are cost in imply those first costs. And think about might you're XX% because I passing the in reported. -- raw that's and through or quarter materials the quarter your structure, I presumably that you if now XX%

could Because then am And forward? cadence thinking your company pass-through that I on is the that XX% I XX% of destocking meaningfully times, of volumes. So think And you're a but some are have help actually change out, are mean had if at above margin arrangements the me even? and you've that gross know today in better that I margins that maybe good you slower has amount XX%, range going than purchases mentioned going you about your just to right? portfolio, and the that. Does that how

would could great. any you help be there So provide

Luis Rojo

right? So that get talking Look, that the in lot these last were as raw get things raw pass-through there we And of for that and and mentioned, in we been Specialty at from had materials clear course, Europe the benefit. Latin as Surfactant P&L pressure end, a business bit the contracts we XXX% is we moves with a in you Products have been that's had we prices, prices. pricing with lower where year, because we business lag raw our because taking up. of what all rest well. going a have of see and very market. always have great America, last quarters, material noting you saw with of were need to material a a we Asia. raw down, pricing have -- prices little in we you adjust is business, inventory, few our But you But competitive, also way lot business, of the and right? lag I of So materials just course, the portion In seen more NCP, the the imports lower But the the example, of from question. your you that, course, activities, as pricing mean

we I a will surfaces is remaining MCT QX the down a high the right? where the impact is have What an going and are wash XX%. there And say expecting material lag. are we still that prices you polymers with to out, see standards in our of only most the raw in for I in market of line are So are prices asset business, mean, piece Fadi went because prices, QX is --

consuming one. we So still are old the

the at So -- in but pretty XXXX, QX and business. then should MCT we'll see happens keen what be

Robert Court

could know up, more me deal I And have back, again should if it's to inflation you concerned significant rolling, that a -- and now guess, for oil you? of we raw next might with Or is year? handful you I be just you acids, follow big materials mean broad are helpful. I Can beyond but I there the very have fatty a tell

Scott Behrens

where shape material Yes. generally, now related we're good with Luis I think versus we feel No, pricing. other market raw mentioned, are than our in to costs what

a stabilization we're think picture. to I early So in markets a that to going forward. going more happen with Too see much don't now clear volatility going to tell right real there's give what's raw materials, us too the

Luis Rojo

money always have there the respective business way are make model with us to down that lag, up But price that historically when in the and proved the can up lag. a in a have also way we allow go. is We we things

Operator

for Thank would the remarks. you. question-and-answer to concludes At Scott That I like time, turn call the closing to Behrens back this session.

Scott Behrens

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

Operator

for conclude the participation today's Thank conference. does your you in program. This

disconnect. now may You

Stepan (SCL) 18 Oct 232023 Q3 Earnings call transcript