Stepan Company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net sales of $519,866,000 against $495,101,000 a year ago, this increase was primarily attributable to 5% global volume growth. Operating income was $44,685,000 against $39,133,000 a year ago. Income before income taxes was $42,497,000 against $37,063,000 a year ago. Net income was $32,923,000 against $27,896,000 a year ago. Net income attributable to the company was $32,925,000 or $1.41 per diluted share against $27,882,000 or $1.19 per diluted share a year ago. Adjusted net income was $32,114,000 or $1.38 per diluted share against $30,893,000 or $1.32 per diluted share a year ago. These results were driven by record first half Surfactant earnings and a lower 2018 effective tax rate.

For the six months, the company reported net sales of $1,019,201,000 against $963,370,000 a year ago. Operating income was $84,340,000 against $85,363,000 a year ago. Income before income taxes was $80,161,000 against $81,393,000 a year ago. Net income was $63,639,000 against $59,808,000 a year ago. Net income attributable to the company was $63,648,000 or $2.73 per diluted share against $59,795,000 or $2.56 per diluted share a year ago. Net debt was $30.1 million as of June 30, 2017. Adjusted net income was $64,145,000 or $2.75 per diluted share against $62,594,000 or $2.68 per diluted share a year ago.

For the full year 2018, The company expects the effective tax rate to be in the range of 20% to 23%.