Stepan Company (NYSE:SCL) Q3 2022 Earnings Conference Call October 19, 2022 10:00 AM ET
Company Participants
Luis Rojo - Vice President & Chief Financial Officer
Scott Behrens - Chief Executive Officer, Chief Operating Officer, President & Director
Conference Call Participants
Mike Harrison - Seaport Research Partners
Vincent Anderson - Stifel
David Silver - CL King
David Storms - Stonegate
Operator
Greetings and welcome to the Stepan Company Third Quarter 2022 Results. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded Wednesday, October 19, 2022.
I would now like to turn the conference over to Luis Rojo, Vice President and Chief Financial Officer. Please go ahead.
Luis Rojo
Good morning and thank you for joining Stepan Company's third quarter 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 prospects for our foreign operations, global and regional economic conditions and factors detailed in our Securities and Exchange Commission filing. 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 make these slides available at approximately the same time as when the earnings release is issued and we hope you find the informational 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 for joining us today to discuss our third quarter results. To begin, I will share our third quarter highlights and strategy outlook and Luis will provide additional details on our financial results for the quarter.
The third quarter continued to be a challenging operating environment given continued raw material constraints, the energy crisis in Europe, cost inflation, foreign currency exchange impacts from a stronger U.S. dollar and overall global macroeconomic uncertainties. Nonetheless, I am proud of how our team has continued to overcome these challenges by delivering record results for the third quarter. Reported net income reached a record $39.4 million or $1.71 per diluted share, while adjusted net income was a record of $46.3 million or $2.01 per diluted share. Surfactant operating income was $39.0 million compared to $34.5 million in the prior year quarter. Growth was mainly driven by a better product and customer mix, partially offset by an 8% decline in global volume.