4Q17 EPS Beats by 24 cents; Raising 2018 Estimate
- 4Q17 (Dec) adjusted EPS were $1.06 (vs $0.52 a year earlier) and 24 cents above our projection due to higher sales from pricing on raw material cost pass-throughs and a lower tax rate;
- For 2017, EPS was $4.65 (vs $4.24), up 10% from 2016;
- Our 2018 EPS estimate is now $5.06 (from $4.62 – which was not adjusted for the new U.S. tax law), up 9% from 2017;
- For 2019, our EPS estimate is being introduced at $5.63, up 11% from our 2018 estimate.
Stepan is engaged in the production and sale of specialty and intermediate chemicals, which are sold to other manufacturers for use in a variety of end products. The company has three reportable segments: Surfactants, which are used in a variety of consumer and industrial cleaning compounds as well as in agricultural products, lubricating ingredients, oil field chemicals and other applications; Polymers, which are used primarily in plastics, building materials, refrigeration systems and coatings, adhesives, sealants and elastomers applications; and Specialty Products, which are used in food, flavoring, nutritional supplement and pharmaceutical applications.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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