Quarterly in great shape for Tenaris. The Argentine-Italian company producing pipes for oil and gas exploration and production closed the third quarter with net income of $365,5 million ($0,28 per share), up 21% over at the same period in 2010.
Net sales increased 23% to $2,495 billion, while EBITDA climbed 17% to $620,3 million. Operating income increased 20% to $485,3 million.
The numbers have given wings to the company's stock, which around 17 pm gains over 15%. The group's board of directors – reads a statement – has approved the payment of an interim dividend of 0,13 dollars per share (about 153 million dollars in total), which will be paid on November 24th.
Tenaris also expects an improvement in sales and operating profits in the coming quarters. To date, the company's results have exceeded market forecasts.
