The accounts of Tenaris disappoint the market. At the opening, the stock of the pipe manufacturer for oil and gas production dropped 1,32%, to 11,22 euros per share, making it one of the worst stocks on the Ftse Mib.
Tenaris finished the second quarter with a Useful of 72 million dollars, against the 420 million recorded in the same period last year, while i revenues they slipped 30%, to $1,87 billion. The decline is mainly related to the deterioration of activities in North America.
- analyst they had forecast average profits of 137,2 million and a turnover of 1,78 billion dollars. In the April-June period, Tenaris' operating result fell by 80%, to 111 million, compared to 549 million a year earlier.
The company expects a further decline in revenues in the third quarter, due to "a low level of orders for premium products", reads a note.
