Tenaris Stock Price, News & Analysis

Tenaris S.A. (NYSE: TS) reported positive financial results for Q3 2022, with net sales reaching $2.975 billion, a 6% sequential increase. Operating income surged 21% to $803 million, while EBITDA margin climbed to 31.8%. Despite a 4% decline in net income to $608 million, shareholders will receive an interim dividend of $0.17 per share. The ongoing geopolitical climate and increased drilling activity support the company’s outlook, with expectations for further sales growth in Q4 2022 driven by heightened pipeline shipments.

Tenaris S.A. (NYSE: TS) reported strong 2Q 2022 results, with net sales reaching $2.8 billion, up 83% year-over-year. Operating income surged 37% to $663 million, while net income rose 26% to $634 million. Earnings per ADS increased to $1.08, a 27% jump from the previous quarter. EBITDA was $806 million, reflecting a margin of 28.8%. Sales growth was attributed to rising prices in North America and recovering volumes in the Middle East. Free cash flow was positive at $353 million, strengthening the net cash position to $635 million, despite facing higher energy costs.

Tenaris S.A. has announced a definitive agreement to acquire Benteler Steel & Tube Manufacturing Corporation for US$460 million in a cash-free, debt-free transaction. This acquisition, which includes US$52 million of working capital, aims to bolster Tenaris's production capacity and local manufacturing presence in the U.S. market. The transaction is pending regulatory approvals and is expected to close in the fourth quarter of 2022. Benteler produces seamless steel pipe with an annual capacity of 400,000 metric tons at its Louisiana facility.

Tenaris S.A. (NYSE: TS) has resolved an investigation by the SEC regarding allegations of improper payments linked to its Brazilian subsidiary, Confab Industrial S.A., between 2008 and 2013. The DOJ has closed its parallel inquiry without taking action. Under a settlement with the SEC, Tenaris will pay $53.1 million in disgorgement and interest, along with a $25 million civil penalty. The company maintains it had no involvement in improper payments, which were made by a third party. Tenaris has also enhanced its compliance processes and reduced its reliance on commercial agents.

Tenaris S.A. (NYSE: TS) announced that the Milan court dismissed the criminal case against its Chairman Paolo Rocca, Board members, and controlling shareholder San Faustin S.A., related to alleged improper payments made in Brazil before 2014. The court ruled that the case lacked jurisdiction and indicated that the criminal proceeding was unfounded. The public prosecutor has the option to appeal this decision.

Tenaris is known for supplying steel tubes and services for the energy industry and other industrial applications.

On May 3, 2022, Tenaris held its annual general meeting, where shareholders approved all resolutions on the agenda. Key approvals included the acknowledgment of the 2021 annual report, approval of consolidated financial statements for the year ended December 31, 2021, and an annual dividend of $0.41 per share, totaling approximately $484 million. The meeting confirmed the re-election of eleven directors and the appointment of Maria Novales-Flamarique to the board. PricewaterhouseCoopers was appointed as external auditors for 2022. Meeting minutes are available on Tenaris's website.

Tenaris reports strong first quarter 2022 results, with net sales of $2,367 million, a 15% increase from the previous quarter, and a net income of $503 million, up 50% year-over-year. Operating income rose 77% to $484 million, driven by higher prices for OCTG and increased line pipe shipments. However, free cash flow was negative at $94 million. The company has decided to discontinue its industrial equipment business in Brazil and fully impaired its joint venture in Russia. Market conditions remain challenging due to the ongoing geopolitical situation.

Tenaris S.A. (NYSE: TS) reported fourth quarter and full year 2021 results, showcasing a strong recovery driven by increased oil and gas drilling activities. For Q4 2021, net sales reached $2,057 million, up 17% sequentially and 82% year-on-year, with a net income of $336 million. The annual results showed a net sales increase of 27% to $6,521 million, with net income of $1,053 million. However, free cash flow turned negative at $23 million in Q4 due to rising working capital, despite ending the year with a positive cash balance of $700 million. The company also plans a $484 million annual dividend proposal.