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 i
04 Aug 2016
H1 16: still under pressure
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H1 16: still under pressure
- Published:
04 Aug 2016 -
Author:
Fabrice Farigoule -
Pages:
3
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 i