Global pipe and tube producer Tenaris S.A. announced that sales for the second quarter ended June 30, 2013 increased 6 percent sequentially. For Q2, Tenaris reported a profit of $429.6 million, down 5.6 percent from $455.3 million a year earlier.
Net sales of tubular products and services increased 5 percent sequentially and 2 percent year-on-year. Sales increased sequentially driven by higher sales of premium OCTG products in the Middle East and Far East, which offset a strong seasonal effect in Canada and lower sales of line pipe products in Europe.
In North America sales declined due to the seasonal spring break up in Canada and lower activity in the north of Mexico. In South America, sales increased due to higher sales of OCTG in Venezuela and OCTG and line pipe in Argentina. In Europe, sales declined due to the non-repetition of line pipe sales for offshore projects in Norway and lower sales to hydrocarbon process industry projects. In the Middle East and Africa sales increased due to higher sales of premium products in Saudi Arabia, UAE and Iraq as well as higher sales of coating services in Nigeria. In the Far East and Oceania, sales increased due to higher sales of premium products in Australia and Indonesia.
Net income attributable to owners of the parent during the first half of 2013 was $843 million, which compares with $895 million in the first half of 2012.
Net sales of tubular products and services increased 3 percent to $5.1 billion in the first half of 2013, compared to $4.9 billion in the first half of 2012, reflecting a 4 percent increase in average selling prices due to a richer mix of products sold, partially offset by a 2 percent decrease in volumes.
