TENARIS: Net Income 6.3-fold Higher In 3Q17 On Annual Basis

(RTTNews) - Argentinean oil and gas company Tenaris reported a US$ 95 million net profit in the third quarter of 2017, a figure 6.3 times higher than a year earlier and 30% above the financial result in the previous quarter.

Revenues from net sales climbed to US$ 1.3 billion, 32% higher than in same period of 2016 and a 5% increase against the second quarter of 2017.

Tenaris reported that the sales increased in the American continent due to seasonal factors in Canada and prices in the United States onshore, added to a greater activity of private operators in Argentina.

Earnings per share, operating income and EBITDA margins (earns before interest, taxes, depreciation and amortization) increased due to lower general and administrative expenses and the recovery of the margins of the non-tubular products business.