Italy's Tenaris posts weak quarterly numbers, flags slower Q3

Tenaris SA

01/08/2024 06:31

Aug 1 (Reuters) - Italian steel pipe maker Tenaris
 TENR.MI  warned about a slowdown of drilling activity in the
Americas in the third quarter after posting lacklustre
second-quarter earnings late on Wednesday. 
    The company reported an operating income of 650 million
dollars in the second quarter, a 34% slump from the previous
quarter and a 54% yearly decline.
    The group posted a revenue of 3.3 billion euros for the
reported quarter, compared with 4.1 billion euros in the
year-earlier period. 
    Still, Tenaris witnessed sales to have been more resilient
than expected with shipments remaining at a high levels in the
Middle East, the United States and in offshore regions.
    Tenaris flagged about activities in the third quarter, as
sales and EBITDA are likely to be impacted by lower activity in
the U.S. and Latin American markets, and also due to a downslide
in pipe prices in the Americas.
    

 (Tradotto da Luca Fratangelo; Editing by Sherry Jacob-Phillips)
 ((luca.fratangelo@thomsonreuters.com; +48587696613;))