France-based pipe manufacturer Vallourec has announced its financial results for the first quarter of the current year.
In the given period, Vallourec reported a net loss of €76 million, compared to a net profit of €56 million in the corresponding quarter of the previous year. Vallourec's sales revenues in the same period amounted to €1.05 billion, falling 17.2 percent year on year, while it registered an operating loss of €35 million, compared to an operating profit of €109 million in the same quarter of 2013. The company's EBITDA in the given quarter decreased by 73 percent year on year to €53 million.
In the Europe, Africa, Middle East and Asia (EAMEA) region, Vallourec expects volumes and product mix to be significantly down in 2015, as a result of the low level of orders recorded since the second quarter of 2014, due to destocking from some customers. In the US, OCTG sales are expected to strongly decline due to the very low level of orders and the increasing price pressure resulting from reduced end-users consumption together with destocking from distributors.