Global pipe and tube producer Tenaris S.A. has announced its financial results for the fourth quarter and the full year of 2013, reporting a net profit of $408 million in the fourth quarter, up 12 percent year on year.
During the given quarter, net sales of tubular products and services decreased by three percent year on year to $2.67 billion. Tenaris sales in the fourth quarter rose by 11 percent quarter on quarter, driven by an exceptional level of sales in the Middle East and for sub-Saharan Africa deepwater projects. Sales in North America were also higher due to seasonal factors in Canada and a recovery in shipments to the Gulf of Mexico.
In 2013, Tenaris posted a net profit of $1.57 billion, seven percent lower compared to 2012. Net sales of tubular products and services decreased by two percent to $10.6 billion in the full year, compared to $10.8 billion in the previous year. The company stated that a decline in sales in North America was offset by a strong increase in sales in the Middle East and Africa. Sales of premium OCTG products rose particularly strongly and contributed to a more favorable product mix.
In 2014, Tenaris expects sales in the Middle East and Africa to remain similar to 2013 levels. Overall results for 2014 are expected to be in line with those for 2013 as lower sales in Brazil, reflecting continuing project delays, largely offset a gradual recovery in North American sales, while sales in the rest of the world are maintained close to current levels.