Tenaris sees slowdown in Q4 sales on sluggish Mexico, Saudi Arabia demand
07/11/2024 06:57
Nov 7 (Reuters) -
Italian steel pipe maker Tenaris TENR.MI forecast late on
Wednesday a slowdown in the fourth-quarter sales and EBITDA due
to sluggish demand in Mexico and Saudi Arabia, along with lower
prices of oil country tubular goods (OCTG) in the Americas.
In the third quarter, operating income dropped 38% to
$537 million. Net income fell 16% year-over-year to $459 million
in the quarter, while net sales were down 10% at $2.92 billion.
Net sales in the third quarter were impacted by lower prices
in North and South America, lower demand in the United States,
Mexico and Saudi Arabia, and lower pipe shipments in Argentina,
Tenaris said in a statement.
"Going into 2025, we expect our sales and EBITDA to recover
with an increase in shipments in North America and the Middle
East," the company said.
The group also approved an interim dividend payment of $0.27
per share or about $300 million and a $700 million follow-on
share buyback.
(Reporting by Romolo Tosiani; Editing by Eileen Soreng)
((Romolo.Tosiani@tr.com; X:@RomoloTosiani;))