Stepan Company (NYSE:SCL) Q1 2022 Earnings Conference Call April 26, 2022 8:00 AM ET
Company Participants
Scott Behrens - President & CEO
Luis Rojo - VP & CFO
Conference Call Participants
Mike Harrison - Seaport Research Partners
Vincent Anderson - Stifel
Marco Rodriguez - Stonegate Capital Partners
Operator
Greetings and welcome to the Stepan Company's First Quarter 2022 Results. During the presentation, all participants will be in a listen-only mode. Afterwards, we'll conduct a question-and-answer session. [Operator Instructions]. As a reminder, this conference is being recorded Tuesday, April 26, 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 first 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 to prospects for our foreign operations, global, and regional economic conditions and factors detailed in our Securities and Exchange Commission filings.
Whether you are 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 that you find information on perspective helpful.
With that, I would like to turn the call over to Mr. Scott Behrens, our President and new Chief Executive Officer. Yesterday he become the fourth CEO and the first non-founding family CEO of Stepan Company. Congratulation, Scott.
Scott Behrens
Good morning and thank you for joining us today to discuss our first quarter results. I will share our first quarter highlights and strategy outlook. And Luis will provide additional details on our financial results.
The first quarter continued to be a challenging operating environment. Continued raw material and transportation constraints, cost inflation, and the emergence of a new COVID-19 variant, were all headwinds against the business. However, I am proud about how our team worked through these challenges to deliver solid results for the first quarter.
Reported net income was a record $44.8 million or $1.93 per diluted share, while adjusted net income was $40.7 million, or $1.76 per diluted share, representing the third best quarter ever on an adjusted net income basis.