The multinational based in Dalmine (Bergamo), Tenaris, a global manufacturer and supplier of pipes and services for the exploration and production of oil and gas, closed the third quarter with a net profit and turnover, exceeding analysts’ forecasts. To pay for sales in North America and although those in Europe are impacted by seasonal factors and those in the Middle East by the reduction of inventories.
In the three months the group reported a net profit of $ 326 million, 0.28 dollars per share, against the red from 36 million, -0.03 dollars, for the same period last year: the profit attributable to the shareholders was 330 million, against the red of 33 million for the year last. THE revenues jumped 73% to 1,754 billions, up by 15% compared to the second quarter.
The estimates of the consensus were for a net profit of 193 million with revenues of 1.662 billion. Operating profit was 231 million (from a loss of 70 million in the same period of 2020), Ebitda grew by 254% to 379 million and the EBITDA margin went from 10.6% to 21.6%, in the wake of the increase in average sales prices.
While the the rise in costs of goods sold was contained thanks to better industrial performance and better absorption of fixed costs, despite the increase in the costs of raw materials and energy. Expenses in capital account were equal to 74 million and the cash flow was negative for 21 million, while the net cash position was 830 million (from 854 million in June).
In the first nine months of the year the profit was 717 million dollars, against losses of 752 million in the same period of 2020, with revenues up 11% to 4.464 billion. Operating profit was 434 million (from losses of 670 million) and Ebitda rose 97% to 877 million.
Tenaris’s board of directors has approved the payment of a interim dividend of $ 0.13 per share ($ 0.26 for Ads), for a total of about 153 million. The payment will take place on November 24th, with detachment date 22 November.
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