Italy's Tenaris posts weak quarterly numbers, flags slower Q3

The building of Tenaris company is seen at the UFRJ Technology Park in Rio de Janeiro·Reuters
Reuters
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(Reuters) - Italian steel pipe maker Tenaris warned about a slowdown of drilling activity in the Americas in the third quarter after posting lacklustre second-quarter earnings late on Wednesday.

The company reported an operating income of 650 million dollars in the second quarter, a 34% slump from the previous quarter and a 54% yearly decline.

The group posted a revenue of 3.3 billion euros for the reported quarter, compared with 4.1 billion euros in the year-earlier period.

Still, Tenaris witnessed sales to have been more resilient than expected with shipments remaining at a high levels in the Middle East, the United States and in offshore regions.

Tenaris flagged about activities in the third quarter, as sales and EBITDA are likely to be impacted by lower activity in the U.S. and Latin American markets, and also due to a downslide in pipe prices in the Americas.

(Tradotto da Luca Fratangelo; Editing by Sherry Jacob-Phillips)