Tenaris Q3 core earnings rise 149% on strong sales, better pricing

(Reuters) – Steel pipe maker Tenaris reported late on Thursday a 149% increase in core profit in the third quarter, boosted by a 70% jump in sales and better pricing, which also helped offset higher energy and raw material costs.

The group said its July-to-September earnings before interest, tax, depreciation and amortization (EBITDA) came in at $946 million. Its EBITDA margin rose to 31.8% from 21.6% in the same period a year earlier.

The company, which approved an interim dividend of $0.17 per share, said it expected further growth in sales in the fourth quarter on the back of higher shipments to pipeline projects and additional pricing gains, while its EBITDA margin should keep benefiting from higher operating leverage.

(Reporting by Federica Urso; editing by Agnieszka Flak)