Increased selling prices offset declining sales at Stepan in Q1

Net sales at specialty polyols producer Stepan were $651m in the first quarter of 2023. This represents a 4% decline on the first quarter of 2022. The company said that this drop was primarily the result of a 14% decrease in global sales volume, and unfavourable currency effects. Higher selling prices partially offset the decline. These, it said, were mainly a result of the pass-through of higher raw material costs, and an improved product and customer mix. However, operating income fell by 67%, from $63.3m to $21.1m.