Luxembourg-based steel tube maker Tenaris (NYSE, Buenos Aires, BMV: TS) saw its net income rise 45% year-on year to US$631mn in the third quarter of 2008. Compared to 2Q08, profits fell 39% from US$1.03bn, the company said in a statement.
Net sales amounted to US$3.12bn in Q3, up 28% year-on-year but down 1% quarter-on-quarter. Operating income rose by 39% and 13% in the respective comparisons to reach US$934mn in Q3, a quarterly record.
"Pipe prices have been showing resilience as demand remains firm but are likely to come under pressure if demand weakens. We expect to maintain a good level of net sales and operating income for our tubular products going into 2009," Tenaris said.
Ebidta amounted to US$1.07bn last quarter, rising 33% over the year-ago period and 12% over Q2.
Sales volume increased 7% year-over-year to 1.10Mt in the recent period, including 945,000t of tubular products, up 5%, and 155,000t of welded pipes for pipeline products, up 22%, according to the statement.
Tubular product sales revenues to North America grew 72% to US$1.28bn in Q3 as market conditions reflected a surge in oil and gas drilling activity, while South American sales rose 28% to US$398mn thanks to good demand in the Andean countries, the company said.
Meanwhile, pipeline project sales grew 35% to US$319mn year-on-year on the back of high shipments for gas and other pipeline projects in Brazil and Colombia.
Tenaris, controlled by Argentine-Italian group Techint, owns seamless steel tube operations in Mexico (Tamsa) and Argentina (Siderca), along with welded pipe plants in Brazil (Confab) and Argentina (Siat), and Venezuelan iron briquette manufacturer Matesi.
No comments:
Post a Comment