Q1 17: better; more to come?
27 Apr 17
Revenues reached US$1,154m (-4%), EBITDA US$198m (+4%), operating income US$36m (+23%) and the net result US$206m (vs US$26m). Net income is boosted by the US$92m capital gain from the sale of Conduit and a positive income tax. Net cash at the end of Q1 17 reached US$1.65bn. The group anticipates sales and EBITDA in Q2 to be in line with those of Q1 as further increases in sales in the US are counterbalanced by seasonal effects in Canada and a lower quarterly level of shipments to the Middle East.
Q3 16: not bad, despite a still weak top-line
04 Nov 16
Tenaris released Q3 16 results. Revenues in Q3 reached US$1,049m (-6% qoq, -33% yoy), EBITDA US$154m (+24% qoq, -36% yoy), EBIT US$-14m (vs US$-40m in Q2 and US$-319m in Q3 15) and the net result US$15m (vs US$-9m in Q2 and US$-356m in Q3 15). Net cash at the end of Q3 was US$1.8bn, unchanged on Q2 and US$2.1bn a year ago.
H1 16: still under pressure
04 Aug 16
Tenaris released H1 16 results. Sales reached US$2.378m (-42%, -40% in Q2), EBITDA US$329m (-58%, -53% in Q2), operating income US$2m (vs US$490m) and net income US$19m (vs US$326m). The net cash position at the end of H1 16 was US$1.8bn (vs US$1.9bn in Q1 and US$1.8bn at year-end 2015). The outlook is not exactly rosy very short term, despite the fact that drilling activity in North America seems to have bottomed out. The group expects Q3 sales to continue to be impacted by low volumes and intense price competition while management seems more optimistic about Q4 based on a (non-communicated) order backlog in the Middle East and Asia and a pick-up in America that « should lead to a gradual recovery at the EBITDA level ».
Weak FY15 results and no light in sight
25 Feb 16
Tenaris released FY results. Sales reached US$7.1bn (-31%), EBITDA US$1,255m (-54%), operating income US$195m (-90%) and net income US$-74m vs US$1,181m. Net cash at the end of FY15 amounted to US$1.8bn (vs US$2.1bn in Q3 15 and US$1.3bn a year before). A dividend of US$0.45 will be proposed. In terms of outlook, the group sees another 20% drop in the global OCTG market for FY16 in the absence of a significant improvement in market conditions and further price cuts. It still aims at maintaining its EBITDA marginal at the level seen in Q4 15, i.e. 15.7% (vs 17.7% in FY15).
Q3 15: worse than low expectations
05 Nov 15
Q3 15 results: revenues stood at US$1,559m (-17% qoq, -36% yoy), EBITDA US$240m (-9% qoq, -59% yoy), operating income US$-319m vs US$111m in Q2), net result US$-355m (vs US$66m in Q2 and US$81m in Q3 14). Note Q3 and Q2 15 EBITDA include severance charges of US$38m and US89m respectively. Also note Q3’s operating loss includes a US$400m impairment on the North American business. Net cash at the end of Q3 stood at US$2.1bn (vs US$1.8bn in H1).