Tenaris Q3 Earnings, Sales Drop

MT Newswires Live

Nov 07, 2024

Tenaris (TS) reported Q3 earnings late Wednesday of $0.81 per American depositary share, down from $0.91 a year earlier.

Three analysts polled by Capital IQ expected $0.69.

Net sales for the quarter ended Sept. 30 fell to $2.92 billion from $3.24 billion a year earlier.

Analysts surveyed by Capital IQ expected $2.79 billion.

Tenaris said its Q4 sales and EBITDA will be lower than Q3, impacted in part by lower sales in Mexico and Saudi Arabia.

"Going into 2025, we expect our sales and EBITDA to recover with an increase in shipments in North America and the Middle East and a rebound in OCTG prices in North America," the company said.

Tenaris' board declared an interim dividend of $0.27 per share, payable Nov. 20 to shareholders of record Nov. 19.

The board also approved a $700 million follow-on share buyback program, expected to be launched "in the near future" and finish by March 26, Tenaris said.

Price: 36.89, Change: +0.36, Percent Change: +0.99

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