Tenaris Has Solid 3Q Due to U.S. Pricing Uplift; Shares Have Nearly Converged to Our FVE
Tenaris had a solid third quarter, with revenue up 6% sequentially and adjusted operating margin improving to 13.6% from 12.4%. Tubes segment volumes were up just 2%, but the company benefited from a robust increase in operating income per ton to $273 from $236 previously, driven by higher pricing in the U.S. oil country tubular goods market. Our fair value estimate and no-moat rating remain unchanged for now.Higher U.S. OCTG market pricing has been the result of the tariffs and quotas applied ...
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