Tenaris Reports Mixed Q2 as Hormuz Disruption Offsets Rising Drilling Demand

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โดย Insider Monkey·LU·Read original
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Tenaris reported second-quarter results that reflect two contrasting trends: net sales fell 4% sequentially to $2,967 million and EBITDA slid 12% to $649 million, yet the company paid $606 million in dividends and ended June 30 with $3.6 billion in net cash. The decline was driven by the effective closure of the Strait of Hormuz for most of the quarter, which postponed shipments and hurt drilling activity in Iraq, Kuwait, and Qatar, while Saudi Arabia and the UAE fared better. In contrast, drilling demand is rising in the United States, Canada, and Argentina, with Europe's net sales climbing 25% sequentially and 24% year over year on deliveries to the Sakarya Black Sea development and higher OCTG sales in Turkey. Free cash flow reached $0.9 billion in the first half, and the board approved an interim dividend of $0.59 per share, or $1.18 per ADS, payable November 25. Tenaris expects second-half sales and EBITDA to stay roughly in line with the first half, with fourth-quarter gains from higher prices and volumes.

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