Tenaris ha closed in 2023 da record marking double-digit growth in revenues, gross operating profit and net profit. Over the course of the year, the company that builds pipes for the energy industry saw a notable increase in revenues by 26%, reaching the record figure of 14,869 billion dollars. This figure far exceeded analysts' estimates, which had expected $14,593 billion. Me too'Net income marked a notable increase of 55%, reaching $3,958 billion, while theoperating profit it grew by 46%, reaching $4,316 billion. Instead, theebitda increased by 33% to $4,865 billion with a margin of 32,7%, driven by increased prices of products sold, which offset energy and raw material costs.
Tenaris, 2024 sales forecast
2023 was also a good year for the flow of free cash, which reached $669 million. After investments and the acquisition of Shawcor's business, Tenaris' net cash position reached $3,4 billion at the end of the year. Looking at the future, Tenaris expects sales in the first half of 2024 to be in line with those in the second half of 2023. This could indicate growing confidence in the company, despite challenges in the energy sector.
Fourth quarter results
In fourth quarter, Tenaris recorded a slight flexion of the revenues by 6% compared to the previous year, but still exceeded market consensus estimates. In detail, total revenues reached $3,415 billion. L'Net income it jumped 110% compared to the third quarter of 2023 and 43% compared to the fourth quarter of 2022, reaching $1,146 billion, again above expectations.
The operating profit was $819 million, down 19% year-over-year and 6% from the previous quarter, while theebitda fell to $975 million, down 23% year-over-year and 3% quarter-over-quarter, impacted by lower average selling prices in the Americas. Despite this, this figure exceeded the market's expectations, which expected $861 million.
Proposed dividend of $0,6
Furthermore, Tenaris plans to propose to the shareholders' meeting on April 30th the payment of a dividend di $0,6 per share, which includes a $0,20 deposit already distributed in November. If approved, an additional dividend of $0,40 per share will be paid on May 22. The second tranche of buyback program $1,2 billion project will begin on February 26.
The accounts make the stock soar on the stock market
At the opening, Tenaris had failed to make a price. Around 10:30 am, the title recorded an increase of 9,08%, reaching 16,39 euros per share. The market's enthusiasm is palpable when faced with Tenaris' results, which have literally surpassed forecasts, especially with regards to EBITDA and free cash flow.
