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Tenaris posts 167% rise in Q2 core profits

Stock Markets Aug 04, 2022 02:00AM ET
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© Reuters. The building of Tenaris company is seen at the UFRJ Technology Park in Rio de Janeiro, Brazil, June 7, 2016. Picture taken June 7, 2016. REUTERS/Pilar Olivares

(Reuters) - Steel pipe maker Tenaris reported a 167% increase in core profit in the second quarter with sales improving sequentially also thanks to further pricing gains in North America and a recovery of volumes in the Middle East.

The producer of steel pipes for oil and gas exploration activities said late on Wednesday its April-to-June earnings before interest, tax, depreciation and amortization (EBITDA) came in at $806 million. The EBITDA margin rose above 28% as higher average selling prices compensated increases in energy and raw material costs.

Looking into the third quarter of the year, the group said sales growth would be more limited due to seasonal factors and lower shipments to pipeline projects.

Tenaris posts 167% rise in Q2 core profits
 

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