Tenaris posts 220% hike in Q1 core profits

div classBodysc17zpet90 cdBBJodivpMILAN Reuters – Core profits at steel pipe giant Tenaris more than tripled in the first quarter, as higher prices for oil country tubular goods OCTG in the Americas and higher shipments of line pipe in Europe and South America spurred a rise in sales.p

pThe company, which makes seamless and welded steel pipes for oil and gas exploration activities, said in a statement late on Wednesday that earnings before interests, taxes, depreciation and amortization EBITDA came in at 627 million in the January toMarch period, compared with 196 million a year earlier.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pProfit margins stood at 26.5, rising from 23.5 in the previous quarter as higher prices offset a surge in energy and raw material costs.p

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pp Reporting by Federico Maccioni, editing by Gianluca Semerarop

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