Stepan Company (NYSE:SCL) Q4 2022 Earnings Conference Call February 16, 2023 10:00 AM ET
Company Participants
Luis Rojo - Vice President & Chief Financial Officer
Scott Behrens - President & Chief Executive Officer
Conference Call Participants
Mike Harrison - Seaport
Vincent Anderson - Stifel
David Storms - Stonegate
David Silver - C.L. King
Operator
Good day, and thank you for standing by. Welcome to the Stepan’s Fourth Quarter and Full Year Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference call is being recorded.
I would now like to turn the conference over to your speaker today, Luis Rojo, Vice President and Chief Financial Officer. Please go ahead.
Luis Rojo
Good morning, and thank you for joining Stepan Company's fourth quarter and full year 2022 financial review. Before we begin, please note that information in this conference call contains forward-looking statements, which are not historical facts. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to prospects for our foreign operations, global and regional economic conditions and factors detailed in our Securities and Exchange Commission filings.
Whether you're joining us online or over the phone, we encourage you to review the investor slide presentation, which we have made available at www.stepan.com under the Investors section of our website. We made these slides available at approximately the same time as when the earnings release is issued. And we hope that you find the information and perspective helpful.
With that, I would like to turn the call over to Mr. Scott Behrens, our President and Chief Executive Officer.
Scott Behrens
Good morning, and thank you all for joining us today to discuss our fourth quarter and full year results. To begin, I will share our fourth quarter and full year highlights and strategy outlook, while Luis will provide additional details on our financial results.
Despite significant external supply chain challenges in a difficult macro environment, the business was able to deliver another record year, significant inflation and raw materials, logistics and other expenses were fully offset with pricing actions, mix improvements and productivity efforts. Improved product and customer mix increased revenue by 30% in 2022, after delivering 22% growth in 2021
Surfactant's operating income was down slightly, primarily due to lower global commodity laundry demands, raw material constraints and customer inventory to stocking. Higher demand for products sold under the functional product and institutional cleaning end markets partially offset the above.