Tenaris S.A posts Q1 financial results

Tenaris S.A posts Q1 financial results

Luxembourg based seamless pipe producer Tenaris S.A has recently announced financial results of first quarter of 2004, ended on March 31, 2004. According to the report, in the first quarter of 2004, the company achieved a net income of $48.4 million, up by 6.3% against $45.5 million recorded in the corresponding period of 2003. Operating income of the company is reported as $102.6 million, up by 4.1% when compared with operation income of $98.6 million recorded in the first quarter of 2003. For the first quarter of 2004, company reported its net sales as $859.3 million, which indicates an increase of 8.8% when compared with net sales of $789.6 million recorded in the same period of 2003. These improved results are attributed to the 19% increase recorded in net sales of seamless pipes. Moreover, these results are achieved despite rising raw material costs and weak demand for welded pipes.