Tenaris Q2 net sales fall on postponed shipments to Middle East customers

Tenaris SA

05/08/2026 22:14

Overview
Steel pipe maker's Q2 net sales fell 4% yr/yr but beat analyst expectations
Q2 net income and operating income declined yr/yr amid higher logistic and raw material costs
Board approved interim dividend of $0.59 per share, or about $600 mln, payable in November

Outlook
Tenaris expects second-half sales and EBITDA to be in line with the first half
Company says third quarter will be affected by seasonality and product mix
Tenaris sees potential upside if shipping disruption at strait of Hormuz ends before year-end

Result Drivers
MIDDLE EAST SHIPMENT DELAYS - Co said Q2 sales declined mainly due to postponed shipments to Middle East customers following the closure of the strait of Hormuz
HIGHER COSTS - Co said operating income and margins were pressured by higher unitary logistic costs, lower absorption of fixed costs, and rising raw material costs

Company press release: ID:nGNXc2g0k

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Net Sales
Beat
$2.97 bln
$2.93 bln (7 Analysts)
Q2 Net Income
 
$492 mln
 
Q2 Operating Income
 
$494 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 8 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the oil related services and equipment peer group is "buy."
Wall Street's median 12-month price target for Tenaris SA is €26.25, about 6.2% above its August 5 closing price of €24.72
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 16 three months ago

Reuters Recommended Reads
Aug 4 - Steelmaker Ternium's Q2 profit rises, outlook brightens as margins surge
Aug 3 - Metallus Q2 sales beat estimates on shipment growth
Aug 5 - ShaMaran Petroleum Q2 revenue falls on field shut-ins due to regional security concerns, the Iran war

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)