Tenaris reports Q2 EPS 59c, consensus 97c

Reports Q2 revenue $3.32B, consensus $3.32B. Tenaris said: “Net sales in the second quarter were more resilient than expected with shipments remaining at a high level in the Middle East, the United States and in offshore regions, while average selling prices benefited from a favorable mix of products. Margins, however, were affected by the ongoing decline in OCTG prices in the Americas, and net income was affected by an extraordinary provision recorded in other operating income and expenses. During the quarter, our free cash flow amounted to $774 million and, after spending $459 million on dividends and $492 million on share buybacks, our positive net cash position amounted to $3.8 billion at June 30, 2024.”