Tenaris posts 167% rise in Q2 core profits

(Reuters) – Metal pipe maker Tenaris reported a 167% improve in core revenue within the second quarter with gross sales bettering sequentially additionally because of additional pricing positive factors in North America and a restoration of volumes within the Center East.

The producer of metal pipes for oil and gasoline exploration actions stated late on Wednesday its April-to-June earnings earlier than curiosity, tax, depreciation and amortization (EBITDA) got here in at $806 million. The EBITDA margin rose above 28% as larger common promoting costs compensated will increase in vitality and uncooked materials prices.

Wanting into the third quarter of the yr, the group stated gross sales development could be extra restricted as a consequence of seasonal components and decrease shipments to pipeline initiatives.

(Reporting by Federica Urso, modifying by Maria Pia Quaglia)