Stepan Company reported unaudited consolidated earnings results for third quarter and nine months ended September 30, 2018. For the quarter, the company's net sales were $507,997,000 against $487,814,000 a year ago. This increase was primarily attributable to 6% global volume growth. Operating income was $27,694,000 against $30,434,000 a year ago. Income before income taxes was $25,243,000 against $29,312,000 a year ago. Net income attributable to company was $22,168,000 against $21,899,000 a year ago. Net income per common diluted share attributable to company was $0.95 against $0.94 a year ago. Adjusted net income was $25,965,000 or $1.11 per diluted share against $21,448,000 or $0.92 per diluted share a year ago. Net debt as on September 30, 2018 was $12.2 million. Capital expenditures were $19.2 million against $19.6 million a year ago.

For the period, the company's net sales were $1,527,198,000 against $1,451,184,000 a year ago. Operating income was $112,034,000 against $115,797,000 a year ago. Income before income taxes was $105,404,000 against $110,705,000 a year ago. Net income attributable to company was $85,816,000 against $81,694,000 a year ago. Net income per common diluted share attributable to company was $3.68 against $3.50 a year ago. Adjusted net income was $90,109,000 against or $3.86 per diluted share against $84,041,000 or $3.60 per diluted share a year ago. Capital expenditures were $62.9 million against $57.9 million a year ago. The effective tax rate was 18.6% compared to 26.2% a year ago. This decrease was primarily attributable to a lower U.S. statutory tax rate of 21% in the first nine months of 2018 versus 35% in the first nine months of 2017.

For the full year, capital expenditures are expected to be between $90 million and $100 million. The company also expects its full year effective tax rate to be in the range of 19% to 22%.