Luxembourg-headquartered international steel tube producer Tenaris has announced its financial results for the third quarter and the first nine months of 2022.
Accordingly, in the third quarter this year Tenaris’ net sales revenues totaled $2.97 billion, up by 6.2 percent compared to the second quarter and rising by 69.6 percent year on year. The company’s operating income in the given quarter was $803 million, rising by 21.1 percent quarter on quarter. In the January-September period, the company’s net sales revenues were $8.14 billion, up by 82.3 percent year on year, while its operating income totaled $1.95 billion compared to an operating income of $434 million in the same period of last year.
In the third quarter, Tenaris’ net sales revenues in North America increased by 11.3 percent quarter on quarter to $1.76 billion, while its net revenues in South America rose by 29.8 percent compared to the second quarter to $600 million. In the first nine months, the company’s net sales revenues in North America increased by 121.2 percent to $4.69 billion, while its net revenues in South America rose by 98.7 percent to $1.41 billion, both year on year.
Tenaris’ sales volume of pipes in the third quarter totaled 856,000 mt, falling by 3.8 percent compared to the second quarter and up by 14.7 percent year on year, while in the first nine months its sales volume of pipes increased by 28.2 percent year on year to 2.56 million mt.
Drilling activity has increased this year and is expected to increase further, particularly in the Middle East. Global demand for OCTG is increasing and is expected to surpass pre-Covid levels in 2023. For the fourth quarter, the company expects further growth in sales boosted by higher shipments to projects.
