© Tenaris (file photo)
Steel pipe giant Tenaris TENR.MI expects sales to rise further in the first half of the year after a 2.4% increase in Milan-listed stocks on Thursday after a strong performance in the last three months of 2021.
Manufacturing seamlessly welded steel pipes for oil and gas exploration activities, the company said sales in the first half of this year should increase due to higher prices in North America and shipments to offshore pipelines in Europe. Stated.
“We should see a significant recovery in sales in the Middle East and Africa in the second quarter,” he added in a statement.
According to the company, interest, taxes and depreciation (EBITDA) in the fourth quarter increased by 151%, spurred by a recovery in drilling activity and a significant rise in prices for North American oil country tubular commodities (OCTG). That’s $ 843 million. amount of sales.
Profit margin increased by 23.5% compared to a 21.6% increase in the previous quarter, despite rising raw material and energy costs, and the company expects a stable EBITDA margin in the last three months of the year. Exceeded.
The company added that profit margins should continue to rise in the first half of 2022.
Analysts at JP Morgan said such EBITDA margin guidance was particularly relevant, and Credit Suisse said the market “should be slightly positive about the results.”
Tenaris added that it would pay a dividend of $ 0.28 per share.
(Report by Federico Maccioni, edited by Maria Pia Quaglia and Keith Weir)
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