France-based pipe manufacturer Vallourec has announced its financial results for the second quarter and first half this year.
In the second quarter, Vallourec’s sales revenue increased by 18.7 percent year on year to €1.36 billion, while it reported EBITDA of €374 million, compared to €160 million in the second quarter last year. The growth in the company’s EBITDA in the given quarter was driven by the higher profitability in the tubes division and the recovery in mining volumes.
In the given period, the company’s pipe sales volume fell by 8.5 percent year on year to 396,000 mt, mainly driven by lower deliveries to Europe, while its iron ore sales volumes totaled 1.9 million mt.
In the first half this year, the company’s sales revenue totaled €2.69 billion, up by 30.8 percent, while its EBITDA was at €694 million, up by 238.5 percent, both year on year. In the given half, the company’s pipe sales volume fell by 0.1 percent year on year to 827,000 mt, while its iron ore sales volumes totaled 3.4 million mt, up by 209.1 percent year on year.
The company expects its EBITDA to range between €950 million and €1.1 billion in 2023. Vallourec anticipates a decline in profitability in the tubes division due to lower sales volumes and prices in the US market.
