Total sales in the firm’s polymer segment, which includes its polyurethane polyol business, were $113.9m (EUR100m) in Q1, 2016 $4.5m higher than Q1, 2015, the firm said.
In fact, sales of foams for insulation panels accounted for an overall hike of $19.3m on q1 2016 but lower selling prices across the segment reduced the net sales figure by $12.2m. A further $2.6m was lost to currency translation effects, namely the dollar’s relative strength.
Operating income increased $7.4m or 50% versus the prior year period. The improvement was primarily attributable to volume growth in North America and Europe. Lower raw material costs also impacted results, Stepan said.
XE currency conversion: 27 April, 2016