In the wake of the second quarter accounts, the share on the Stock Exchange takes off Tenaris, which gained 3,5% in the mid-morning, to 13,58, posting the best increase on the Ftse Mib. In the same minutes, the main index of Piazza Affari is up 0,7%.
Tenaris quarterly
As mentioned, the wave of purchases was triggered by i results above expectations recorded by the quarterly. Between April and June, the oil group made a Net income $634 million ($0,54 per share and $1,08 per Ads), more than double (+118%) of the $290 million ($0,25 per share and $0,50 per Ads) recorded in same time last year. The change is positive instead of 27% compared to the previous three months. Profit attributable to shareholders rose 117% to $637 million. As for the revenues, soared 83% to $2,8 billion.
Three factors contributed decisively to push the accounts: the other price increase in North Americaa, the recovery of the volumes in the Middle East and the increase of sales in South America.
- analyst of Equita expected a net profit of 495 million with revenues of 2,697 billion, while those of Banca Akros estimated profits of 590 million with sales of 2,655 billion.
THEoperating profit has more than quadrupled to 663 million and theEbitda accelerated by 167%, to 806 million (including a series of one-off items that offset each other), against a consensus of 718 million, and with an Ebitda margin of 28,8% (19,7% the same period of the 2021 and 26,5% in the first quarter).
Il free cash flow returned positive for 353 million and the net cash position, after the payment of dividends for $331 million, it rose to $635 million as of June 30.
In first semester Net income jumped 191% to $1,137 billion, $0,97 per share and $1,93 per Ads, from $400 million in the same period last year, with revenues of $5,168 billion (+91%). and Ebitda of 1,433 billion (+188%).
Revenues expected to continue to grow in the second half of the year
As for the prospects for the second semester, Tenaris plans a further sales growth and stable margins, with higher prices offsetting cost increases, while free cash flow will remain positive. However, sales growth will be more limited in the third quarter, due to seasonal factors and lower deliveries for projects in the pipeline.
“Although global economic growth is slowing and central banks are raising interest rates to contain inflationary pressures – reads the note from Tenaris – i oil and gas prices remain high and gas and electricity prices in Europe have reached unprecedented levels. The war in Ukraine continues and the impact of further sanctions on Russian oil exports, as well as the reduction of Russian gas flows to Europe, have increased market uncertainty”.
Furthermore, "inventories remain at low levels” and the supply response remains “limited”, reflecting the low levels of investment in recent years and “uncertainty about long-term demand in the energy transition”. Tenaris then reports that drilling activity continues to increase worldwide, especially in North America and the Middle East, while that of offshore drilling is on the rise with deepwater developments in Brazil, Guyana and sub-Saharan Africa. The pipeline of projects is progressing in the Middle East and South America.
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