STEPAN CO (SCL) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Mexico	148.9	127.9	100.8	83.2
Surfactants				1,272.7	1,385.9	1,297.6		1,205.8
Polymers				512.3	527.4	546.6		491.5
Specialty Products				73.7	80.5	80.8		78.8
Other	2,624.4	2,218.0	1,769.0
Total revenues	2,773.3	2,346.0	1,869.8	1,858.7	1,993.9	1,925.0	1,766.2	1,776.2
Revenue growth [+]	18.2%	25.5%	0.6%	-6.8%	3.6%	9.0%	-0.6%	-7.8%
Mexico	16.3%	27.0%	21.2%
Surfactants				-8.2%	6.8%			-7.0%
Polymers				-2.9%	-3.5%			-10.8%
Specialty Products				-8.5%	-0.4%			-1.0%
Cost of goods sold	2,346.2	1,950.2	1,486.1	1,519.0	1,654.5	1,578.8	1,426.9	1,467.9
Gross profit	427.1	395.8	383.6	339.7	339.3	346.2	339.3	308.2
Gross margin	15.4%	16.9%	20.5%	18.3%	17.0%	18.0%	19.2%	17.4%
Selling, general and administrative [+]	59.0	59.2	55.5	139.5	135.6	129.7	131.8	131.6
Sales and marketing	59.0	59.2	55.5	57.0	56.3	54.1	56.9	55.5
General and administrative				82.6	79.2	75.6	74.9	76.0
Equity in earnings								7.0
Other operating expenses	177.6	161.9	153.9	72.9	54.5	61.6	86.7	56.7
EBITDA [+]	285.1	265.6	256.0	206.0	230.4	233.9	195.7	193.9
EBITDA growth	7.4%	3.7%	24.3%	-10.6%	-1.5%	19.5%	0.9%	21.6%
EBITDA margin	10.3%	11.3%	13.7%	11.1%	11.6%	12.1%	11.1%	10.9%
Depreciation	87.8	83.6	78.2	75.3	77.6	75.3	72.1	64.2
EBITA	197.3	182.0	177.8	130.7	152.7	158.6	123.6	129.7
EBITA margin	7.1%	7.8%	9.5%	7.0%	7.7%	8.2%	7.0%	7.3%
Amortization of intangibles	6.8	7.3	3.6	3.4	3.5	3.7	2.8	2.8
EBIT [+]	190.5	174.7	174.1	127.3	149.3	154.8	120.8	126.9
EBIT growth	9.0%	0.3%	36.8%	-14.7%	-3.6%	28.2%	-4.8%	32.6%
EBIT margin	6.9%	7.4%	9.3%	6.8%	7.5%	8.0%	6.8%	7.1%
Non-recurring items [+]							-7.1	-2.9
Loss (gain) on sale of assets								-2.9
Interest expense, net [+]	-1.1	-1.3	-2.2	-11.6	-12.6	-13.5	12.0	14.3
Interest expense	17.9	10.1	9.9	-5.9	-10.8	-11.4	13.2	14.5
Interest income	1.1	1.3	2.2	5.7	1.8	2.1	1.2	0.2
Other income (expense), net	15.0	6.7	4.6	-13.0	-24.1	-21.5	-2.1	-12.6
Pre-tax income	188.7	172.5	171.1	125.9	137.8	146.9	113.8	102.9
Income taxes	41.6	34.6	43.4	22.8	26.7	46.1	27.6	26.8
Tax rate	22.0%	20.1%	25.4%	18.1%	19.4%	31.4%	24.3%	26.1%
Minority interest				0.0	0.0	0.0	0.0	0.1
Net income	147.2	137.8	126.8	103.1	111.1	100.8	86.2	76.0
Net margin	5.3%	5.9%	6.8%	5.5%	5.6%	5.2%	4.9%	4.3%

Basic EPS [+]	$6.46	$6.01	$5.52	$4.47	$4.83	$4.39	$3.78	$3.34
Growth	7.4%	8.8%	23.5%	-7.3%	9.9%	16.1%	13.1%	33.2%
Diluted EPS [+]	$6.38	$5.92	$5.45	$4.42	$4.76	$4.31	$3.73	$3.32
Growth	7.8%	8.6%	23.2%	-7.2%	10.5%	15.5%	12.3%	33.4%

Dividends per share [+]	$1.37	$1.25	$1.13	$1.03	$0.93	$0.86	$0.78	$0.73
Growth	9.6%	10.6%	9.7%	10.8%	8.1%	10.3%	6.8%	8.0%

Shares outstanding (basic) [+]	22.8	22.9	22.9	23.1	23.0	22.9	22.8	22.7
Growth	-0.6%	-0.1%	-0.5%	0.1%	0.3%	0.7%	0.3%	-0.1%
Shares outstanding (diluted) [+]	23.1	23.3	23.3	23.3	23.3	23.4	23.1	22.9
Growth	-1.0%	0.1%	-0.3%	0.0%	-0.2%	1.2%	1.0%	-0.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.