After the publication of their respective accounts, they collapse in the stock market Tenaris e Yoox, which in mid-morning are the two worst stocks on the FTSE, losing respectively 3,7% to 14,80 euros and 2,8% to 15,05 euros.
The producer of gas exploration and production pipes pays lower-than-expected quarterly results and a weak outlook. In fact, the third quarter closed with revenues and profits essentially stable compared to the same period a year ago: equal to 2,421 billion dollars, in line with the figure for the third quarter of 2013, but down 9% compared to the second quarter of this year. Net income increased 6% to $318 million. EBITDA fell 6% to $587 million versus the consensus expectation of $607 million, and the EBITDA margin stood at 24,3%. The company expects a 26% recovery by year-end and has nonetheless approved the payment of an interim dividend of $0,15 per share.
As for the outlook, "looking ahead, our positioning in Argentina and Mexico should provide additional support to our results and compensate for a possible lower level of activity in the rest of the world", explained the company, warning however that, "if the price If oil prices remain at these levels or fall further, there is a risk of a slowdown in oil drilling activities in North America and the postponement of offshore projects”.
Yoox is also in trouble in Piazza Affari, despite the fact that the accounts are substantially in line with expectations. The luxury company closed the first 9 months of 2014 with a net profit up 29,6% to 4,6 million euros on revenues of 366,3 million, more or less in line with analysts' expectations. Revenue growth is 14,7% at current exchange rates and 17,9% at constant exchange rates, according to a note.
The Internet retail group for fashion and design brands reiterates in the statement released yesterday evening that it expects to be able to achieve "further growth in turnover and profits" in 2014, to which both business lines and all the main markets. “In particular, the last months of 2014 will benefit from an overall improvement of all the most important currencies against the euro, with the exception of the ruble; the mono-brand will be able to count on a substantially homogeneous business perimeter compared to the same months of 2013, while the multi-brand will be able to benefit from all the initiatives prepared in view of the Christmas season”, adds the press release.
