Tenaris' quarterly net sales fall 7% on Brazil, Europe weakness
Net sales for the second quarter fell to $3.09 billion from $3.32 billion a year ago, with sales volumes dipping 5% in the company's tubes segment due to reduced shipments to the Raia offshore project in Brazil and lower sales of offshore line pipe in Europe.
Luxembourg-based Tenaris said that, due to the recent U.S. tariff hike on steel product imports, the company expects a decline in U.S. Oil Country Tubular Goods (OCTG) imports from their elevated first-half levels, with a gradual increase over time.
In May, U.S. President Donald Trump raised tariffs on imported steel and aluminum from 25% to 50%, intensifying pressure on global steel producers and escalating his trade war.
For the second half of the year, the exploration pipeline maker expects sales to decline compared to the first half, reflecting lower drilling activity and a lower contribution from line pipe projects.
The company also expects margins to be affected by the recent increase in tariff costs, it added.
Earnings before interest, taxes, depreciation, and amortisation for the second quarter stood at $733 million, up 13% from a year ago, when it had taken a $171 million hit from provisions related to an ongoing litigation.
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