Salem Radio Network News Tuesday, August 9, 2022

Business

Tenaris posts 167% rise in Q2 core profits

(Reuters) – Steel pipe maker Tenaris reported a 167% increase in core profit in the second quarter with sales improving sequentially also thanks to further pricing gains in North America and a recovery of volumes in the Middle East.

The producer of steel pipes for oil and gas exploration activities said late on Wednesday its April-to-June earnings before interest, tax, depreciation and amortization (EBITDA) came in at $806 million. The EBITDA margin rose above 28% as higher average selling prices compensated increases in energy and raw material costs.

Looking into the third quarter of the year, the group said sales growth would be more limited due to seasonal factors and lower shipments to pipeline projects.

(Reporting by Federica Urso, editing by Maria Pia Quaglia)

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