Tenaris S.A. Reports 2024 Third Quarter Results

TL;DR

Tenaris dropped its Q3 earnings report, check the numbers.

AI Summary

Tenaris S.A. filed a 6-K report on November 7, 2024, to announce its 2024 Third Quarter Results. The report includes a press release detailing the company's financial performance for the period ending September 30, 2024. Giovanni Sardagna, Investor Relations Officer, signed the report on behalf of Tenaris.

Why It Matters

This filing provides investors with the latest financial performance data for Tenaris, a key player in the steel industry, allowing them to assess the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine financial results filing and does not contain new or unusual risk factors.

Key Players & Entities

• TENARIS SA (company) — Filer
• Giovanni Sardagna (person) — Investor Relations Officer
• 2024 Third Quarter Results (financial_report) — Subject of the filing

FAQ

Key Financial Figures

• $171 million — 31.0 % *EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing lit
• $821 m — included EBITDA would have amounted to $821 million, or 24.7% of sales. Net sales in
• $373 million — quarter, our free cash flow amounted to $373 million and, after spending $182 million on sha
• $182 million — ted to $373 million and, after spending $182 million on share buybacks, our positive net cas
• $4.0 billion — positive net cash position amounted to $4.0 billion at September 30, 2024. Interim Dividen
• $0.27 — d the payment of an interim dividend of $0.27 per share ($0.54 per ADS), or approxima
• $0.54 — an interim dividend of $0.27 per share ($0.54 per ADS), or approximately $300 million
• $300 m — share ($0.54 per ADS), or approximately $300 million, according to the following timet
• $700 million — s’s Board of Directors approved a $700 million follow-on share buyback program under t
• $1.2 billion — ld on June 2, 2020. Under the previous $1.2 billion share buyback, which ran from November
• $527 million — ucts and services amounted to a gain of $527 million in the third quarter of 2024 compared t
• $459 million — d quarter of 2024 compared to a gain of $459 million in the previous quarter and a gain of $
• $841 million — n in the previous quarter and a gain of $841 million in the third quarter of 2023. In the se
• $14 million — on of a participation in Usiminas and a $14 million gain from a positive legal claim resolu
• $616 million — quarter of 2024 would have amounted to $616 million and the current quarter would have been

Filing Documents

• f6k_110624.htm (6-K) — 306KB
• header.jpg (GRAPHIC) — 13KB
• small.jpg (GRAPHIC) — 2KB
• 0001171843-24-006114.txt ( ) — 328KB

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 November 6, 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 ✓ 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 2024 Third Quarter 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: November 6, 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 2024 Third Quarter Results The financial and operational information contained in this press release is based on unaudited consolidated condensed interim 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. 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, November 6, 2024. - Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended September 30, 2024 in comparison with its results for the quarter ended September 30, 2023. Summary of 2024 Third Quarter Results (Comparison with second quarter of 2024 and third quarter of 2023) 3Q 2024 2Q 2024 3Q 2023 Net sales ($ million) 2,915 3,322 (12 %) 3,238 (10 %) Operating income ($ million) 537 512 5 % 868 (38 %) Net income ($ million) 459 348 32 % 547 (16 %) Shareholders’ net income ($ million) 448 335 34 % 537 (17 %) Earnings per ADS ($) 0.81 0.59 37 % 0.91 (11 %) Earnings per share ($) 0.40 0.29 37 % 0.46 (11 %) EBITDA* ($ million) 688 650 6 % 1,004 (31 %) EBITDA margin (% of net sales) 23.6 % 19.6 % 31.0 % *EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $821 million, or 24.7% of sales. Net sales in the third quarter were affected by lower prices in the Americas and lower demand in the USA, Mexico and Saudi Arabia as well as lower line pipe shipments in Argentina. Margins were relatively resilient with our EBITDA margin falling 1.1% quarter on quarter on a comparable basis while net income recovered after the extraordinary provisions recorded by Tenaris and its associate company Ternium in the last quarter. During the quarter, our free cash flow amounted to $373 million and, after spending $182 million on share buybacks, our positive net cash position amounted to $4.0 billion at September 30, 2024. Interim Dividend Payment Our board of directors approved the payment of an interim dividend of $0.27 per share ($0.54 per ADS), or approximately $300 million, according to the following timetable: · Payment date: November 20, 2024 · Record date: November 19, 2024 · Ex-dividend for securities listed in Europe: November 18, 2024 · Ex-dividend for securities listed in the United States and Mexico: November 19, 2024 Follow-on Share Buyback Program Tenaris’s Board of Directors approved a $700 million follow-on share buyback program under the authority granted by the annual general meeting of shareholders held on June 2, 2020. Under the previous $1.2 billion share buyback, which ran from November 5, 2023 to August 2, 2024, the Company purchased a total number of ordinary shares representing 6.07% of its total issued share capital measured as at the launch of the program. This follow-on share buyback program will cover up to $700 million (excluding customary transaction fees), subject to a maximum of 46,373,915 ordinary shares representing the remainder 3.93% of the Company’s issued share capital (measured also as at the launch of the original program) that may be repurchased under the above-referred authority (which authorizes repurchases up to a maximum of 10% of the share capital). The decision and opportunity of launching this follow-on buyback program is driven by the Company’s significant cash f

View Full Filing

View this 6-K filing on SEC EDGAR