LUXEMBOURG, Nov. 10, 2024 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) announced today that pursuant to its USD700 million Share Buyback Program (the “Program”) announced on November 6, 2024, to be executed in the open market, it has entered into a non-discretionary buyback agreement with a primary financial institution (the “Bank”). The Bank will make its trading decisions concerning the timing of the purchases of Tenaris’s ordinary shares independently of and uninf ...

Financial Data and Key Metrics Changes - Sales in Q3 2024 reached $2.9 billion, down 10% year-over-year and down 12% sequentially, primarily due to lower prices in the Americas and reduced demand in the USA, Mexico, and Saudi Arabia [4] - Average selling prices in the tubes operating segment decreased by 14% year-over-year and 2% sequentially [5] - EBITDA for the quarter was $688 million, up 6% sequentially, but would have declined 16% sequentially without an extraordinary provision in the previous quarter [5] - Free cash flow for the quarter was $373 million, with a net cash position of $4 billion at the end of the quarter [6] Business Line Data and Key Metrics Changes - The company successfully executed a program of plant stoppages and investments in maintenance and modernization of its industrial system [7] - Significant contracts were awarded in offshore projects, including a long-term agreement with ExxonMobil in the Guyana-Suriname Basin and various projects in Brazil and West Africa [8][9][10] Market Data and Key Metrics Changes - In the United States, drilling activity has stabilized, and OCTG imports have decreased, with a reduction in Korean import quotas expected to apply for 2025 [10] - The pipe logic index of US OCTG prices has started to rebound, with expectations for continued increases in the coming months [11] - Economic conditions in Argentina are improving, with plans to increase oil exports from Vaca Muerta [11][12] Company Strategy and Development Direction - The company is focused on expanding relationships with international oil companies and consolidating its position in complex offshore projects [8] - Investments in modernization and automation are expected to improve productivity and environmental performance [7] - The company anticipates a positive impact from the new US administration on the energy sector, particularly regarding gas exports and industrial activity [17][19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the benefits of recent investments and the potential for increased activity in North America [8][25] - The company expects a slight decrease in volumes and sales in Q4 2024, with a rebound anticipated in Q1 2025 [35][65] - Management highlighted the importance of upcoming projects in Argentina and Brazil, with significant contributions expected in 2025 [40][58] Other Important Information - The Board of Directors approved an interim dividend of $0.27 per share, a 35% increase compared to the previous year, and a share buyback program of $700 million [6][14] - The company is advancing a $200 million cost-saving project, with materialization expected in the second half of 2024 and into 2025 [57] Q&A Session Summary Question: Impact of the new US administration on business - Management noted that it is early to assess the changes but expects a reduction in uncertainty and potential positive impacts on the energy sector [17][18][21] Question: Share buyback outlook - The board will evaluate the situation in February before making decisions on future share buyback programs [23] Question: North America activity outlook - Management expects an increase in activity driven by customer budget resets and the return of small operators [25] Question: Clarification on revenue and volume expectations for Q4 and Q1 - Management clarified that Q4 volumes and sales are expected to be lower by around 7-8%, with a rebound of approximately 10% in Q1 2025 [65]

For the quarter ended September 2024, Tenaris S.A. (TS) reported revenue of $2.92 billion, down 10% over the same period last year. EPS came in at $0.81, compared to $0.91 in the year-ago quarter.The reported revenue represents a surprise of +5.82% over the Zacks Consensus Estimate of $2.76 billion. With the consensus EPS estimate being $0.63, the EPS surprise was +28.57%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine th ...

The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital d ...

Analysts on Wall Street project that Tenaris S.A. (TS) will announce quarterly earnings of $0.63 per share in its forthcoming report, representing a decline of 30.8% year over year. Revenues are projected to reach $2.74 billion, declining 15.4% from the same quarter last year.The consensus EPS estimate for the quarter has undergone an upward revision of 6.1% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates d ...

LUXEMBOURG, Aug. 04, 2024 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) ("Tenaris") announced today the completion of the fourth and last tranche of its USD1.2 billion Share Buyback Program announced on November 1, 2023 (the "Program"). During the fourth tranche, which ran from June 17, 2024, to (and including) August 2, 2024, the Company purchased a total of 19,452,939 ordinary shares for a total consideration of €278,698,899, or USD300 million. During the Program, which ran fro ...

LUXEMBOURG, Aug. 04, 2024 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) ("Tenaris") announced today the completion of the fourth and last tranche of its USD1.2 billion Share Buyback Program announced on November 1, 2023 (the "Program"). During the fourth tranche, which ran from June 17, 2024, to (and including) August 2, 2024, the Company purchased a total of 19,452,939 ordinary shares for a total consideration of €278,698,899, or USD300 million. During the Program, which ran fro ...

Tenaris S.A. (NYSE:TS) Q2 2024 Earnings Conference Call August 1, 2024 8:00 AM ET Company Participants Giovanni Sardagna - Director of Investor Relations Paolo Rocca - Chairman & Chief Executive Officer Gabriel Podskubka - Chief Operating Officer Luca Zanotti - President, US Operations Conference Call Participants Marc Bianchi - TD Cowen Alessandro Pozzi - Mediobanca Arun Jayaram - JPMorgan Securities LLC Christopher Kuplent - Bank of America Luigi De Bellis - Equita Oscient Operator Good day, and thank you ...

For the quarter ended June 2024, Tenaris S.A. (TS) reported revenue of $3.32 billion, down 18.5% over the same period last year. EPS came in at $0.59, compared to $1.90 in the year-ago quarter. The reported revenue represents a surprise of +4.28% over the Zacks Consensus Estimate of $3.19 billion. With the consensus EPS estimate being $0.97, the EPS surprise was -39.18%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine the ...

The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital d ...