Tenaris Files 6-K for Q4 and Annual 2023 Results Press Release

TL;DR

**Tenaris just filed a 6-K, signaling their 2023 Q4 and annual results are dropping, so get ready for the numbers!**

AI Summary

Tenaris S.A. (NYSE: TS) filed a 6-K report with the SEC on February 23, 2024, to furnish its press release announcing the company's 2023 Fourth Quarter and Annual Results. The report, dated February 21, 2024, was signed by Giovanni Sardagna, the Investor Relations Officer. This filing is made pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934.

Why It Matters

This filing signals the imminent release of Tenaris's financial performance for the full year 2023, providing crucial data for investors to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — This filing is a routine announcement of an upcoming earnings release, not an event that inherently carries high risk.

Key Players & Entities

• Tenaris S.A. (company) — Registrant filing the 6-K
• Giovanni Sardagna (person) — Investor Relations Officer who signed the 6-K
• February 21, 2024 (date) — Date of the report and press release
• February 23, 2024 (date) — Date the 6-K was filed with the SEC
• 2023 Fourth Quarter and Annual Results (other) — Subject of the press release

FAQ

Key Financial Figures

• $975 million — declines in the Americas. Our EBITDA at $975 million declined mainly due to lower average se
• $1.1 billion — icas. Our net income of the quarter, of $1.1 billion was positively affected by: i)$167 mill
• $167 million — 1 billion was positively affected by: i)$167 million higher result from non-consolidated com
• $26 million — lt from non-consolidated companies; ii) $26 million higher financial results and iii) net d
• $360 million — sults and iii) net deferred tax gain of $360 million. 1 Our free cash flow for the quarter
• $669 million — e cash flow for the quarter amounted to $669 million after capex payments of $167 million. A
• $161 million — dditionally, during the quarter we paid $161 million (net of cash) for the acquisition of th
• $235 million — m Mattr. Following dividend payments of $235 million and $214 million spent on share buyback
• $214 million — g dividend payments of $235 million and $214 million spent on share buybacks during the quar
• $3.4 billion — ter, our net cash position increased to $3.4 billion at December 31, 2023. Summary of 2023
• $194 million — m a net positive deferred tax effect of $194 million as well as positive financial results o
• $221 million — s well as positive financial results of $221 million. Operating cash flow for the year amou
• $4,395 million — ting cash flow for the year amounted to $4,395 million (including a $182 million reduction in
• $182 million — amounted to $4,395 million (including a $182 million reduction in working capital). After ca
• $619 m — capital). After capital expenditures of $619 million, business acquisitions of $266 mi

Filing Documents

• f6k_022124.htm (6-K) — 182KB
• logo.jpg (GRAPHIC) — 13KB
• header.jpg (GRAPHIC) — 2KB
• 0001171843-24-000937.txt ( ) — 205KB

From the Filing

FORM 6 - K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a - 16 or 15d - 16 of the Securities Exchange Act of 1934 As of February 21 st , 2024 TENARIS, S.A. (Translation of Registrant's name into English) 26, Boulevard Royal, 4th floor L-2449 Luxembourg (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F. Form 20-F Ö Form 40-F ____ The attached material is being furnished to the Securities and Exchange Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris’s Press Release announcing 2023 Fourth Quarter and Annual Results. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: February 21, 2024 Tenaris, S.A. By: /s/ Giovanni Sardagna Giovanni Sardagna Investor Relations Officer Giovanni Sardagna Tenaris 1-888-300-5432 www.tenaris.com Tenaris Announces 2023 Fourth Quarter and Annual Results The financial and operational information contained in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS Accounting Standards. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures. Luxembourg, February 21, 2024. - Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the fourth quarter and year ended December 31, 2023 with comparison to its results for the fourth quarter and year ended December 31, 2022. Summary of 2023 Fourth Quarter Results 4Q 2023 3Q 2023 4Q 2022 Net sales ($ million) 3,415 3,238 5% 3,620 (6%) Operating income ($ million) 819 868 (6%) 1,013 (19%) Net income ($ million) 1,146 547 110% 803 43% Shareholders’ net income ($ million) 1,129 537 110% 807 40% Earnings per ADS ($)* 1.92 0.91 110% 1.37 40% Earnings per share ($)* 0.96 0.46 110% 0.68 40% EBITDA ($ million) 975 1,004 (3%) 1,269 (23%) EBITDA margin (% of net sales) 28.6% 31.0% 35.1% *For the calculation of per share and per ADS data we have used average number of shares outstanding excluding treasury shares. Our sales in the fourth quarter of 2023 rose 5% sequentially, boosted by a high level of shipments to the Middle East and for offshore pipeline projects, together with the inclusion of our newly acquired Shawcor pipe coating business, which offset the ongoing pricing declines in the Americas. Our EBITDA at $975 million declined mainly due to lower average selling prices in the Americas. Our net income of the quarter, of $1.1 billion was positively affected by: i)$167 million higher result from non-consolidated companies; ii) $26 million higher financial results and iii) net deferred tax gain of $360 million. 1 Our free cash flow for the quarter amounted to $669 million after capex payments of $167 million. Additionally, during the quarter we paid $161 million (net of cash) for the acquisition of the Shawcor pipe coating business from Mattr. Following dividend payments of $235 million and $214 million spent on share buybacks during the quarter, our net cash position increased to $3.4 billion at December 31, 2023. Summary of 2023 Annual Results 12M 2023 12M 2022 Increase/(Decrease) Net sales ($ million) 14,869 11,763 26% Operating income ($ million) 4,316 2,963 46% Net income ($ million) 3,958 2,549 55% Shareholders’ net income ($ million) 3,918 2,553 53% Earnings per ADS ($)* 6.65 4.33 53% Earnings per share ($)* 3.32 2.16 54% EBITDA ($ million) 4,865 3,648 33% EBITDA margin (% of net sales) 32.7% 31.0% *For the calculation of per share and per ADS data we have used average number of shares outstanding excluding treasury shares. In 2023, our net sales, EBITDA and net income reached record levels. The year was characterized by a first half, in which prices in the Americas reached exceptional levels and we had a high level of pipeline shipments in Argentina, and a second half, in which prices in the Americas started to return to more normal levels while overall sales were supported by good activity and pricing levels in the Middle East and for offshore pipelines. Operating margins expanded reflecting the higher prices realized on the sales of most of our products, which more than compensated for higher costs of goods sold. Net income benefited

View Full Filing

View this 6-K filing on SEC EDGAR