Stock Monitor: Highway Holdings Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 11, 2017 / Active-Investors free earnings report on Tenaris S.A. (NYSE: TS) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/'symbol=TS. Tenaris reported its third quarter fiscal 2017 operating results on November 01, 2017. The steelmaker's revenue numbers met market expectations. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is currently working on the research report for Highway Holdings Limited (NASDAQ: HIHO), which also belongs to the Industrial Goods sector as the Company Tenaris. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/'symbol=HIHO
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Tenaris S.A. most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/'symbol=TS
Earnings Highlights and Summary
For its third quarter ended September 30, 2017, Tenaris' net sales rose 32% to $1.30 billion compared to revenue of $987 million in Q3 2016. The Company's revenue was in-line with market estimates.
During Q3 2017, Tenaris' operating income totaled $79 million compared to operating loss of $33 million in Q3 2016. The Company's EBITDA for the quarter soared 69% to $229 million compared to $133 million in Q3 2016.
Tenaris' net income soared 532% to $105 million, or $0.18 per ADS, compared to net income of $17 million, or $0.03 per share, in Q3 2016. The Company's net income, operating income, and EBITDA margins all rose on lower general and administrative (G&A) expenses and a recovery in margins in its non-tubular businesses. Tenaris' reported earnings of $0.09 per share for Q3 2017, up 41% on a y-o-y basis, lower than market expectations of $0.08 per share.
Segment Results
During Q3 2017, Tenaris' net sales of tubular products and services surged 34% to $1.23 billion on a y-o-y basis, in-line with the increase in shipment volumes. In North America, the segment's sales increased due to the seasonal recovery in Canada and better pricing and product mix in the United States. In South America sales increased due to an increase in activity at Vaca Muerta. In Europe sales declined reflecting seasonally lower sales of mechanical and line pipe products and lower sales of premium OCTG in Russia.
During Q3 2017, the Company's operating income from tubular products and services amounted to $66 million compared to a loss of $32 million in Q3 2016.
For Q3 2017, Tenaris' net sales of other products and services increased 8% to $75 million on a y-o-y basis, while the segment's operating income for the reported quarter totaled $13 million. The increase in sales and operating income was primarily related to the Company's energy-related businesses, sucker rods, and coiled tubing.
Cash Flow and Liquidity
Tenaris' net cash used by operating activities during Q3 2017 was $2 million compared to $33 million in Q2 2017 and a cash generation of $254 million in Q3 2016. During the reported quarter, the Company utilized $216 million towards the increase in working capital related to the increase in shipments and production.
During Q3 2017, Tenaris' capital expenditures amounted to $143 million compared to $155 million in Q2 2017 and $187 million in Q3 2016. The Company maintained a net cash position (cash, other current investments and fixed income investments held to maturity less total borrowings) of $974 million at September 30, 2017.
Stock Performance Snapshot
December 08, 2017 - At Friday's closing bell, Tenaris S.A.'s stock rose 1.09%, ending the trading session at $29.75.
Volume traded for the day: 1.03 million shares.
Stock performance in the previous three-month period - up 7.44%
After last Friday's close, Tenaris S.A.'s market cap was at $17.48 billion.
Price to Earnings (P/E) ratio was at 61.59.
The stock has a dividend yield of 2.76%.
The stock is part of the Industrial Goods sector, categorized under the Metal Fabrication industry. This sector was up 0.5% at the end of the session.
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