Vallourec - profitability improvement in 2q18 but still high cash burn
The French worldwide leader in premium tubular solutions mainly for the energy industry, Vallourec, reported 2Q18 results which showed an improvement in EBITDA but still high cash burn. The company reaffirmed its guidance of a significant improvement in EBITDA in FY18 and retains adequate liquidity of €3.1bn.
Vallourec is a holding company. Through its subsidiaries, Co. supplies tubular solutions, mainly for the energy markets as well as other industrial applications. Co.'s activities can be divided into two segments: the Seamless tubes segment (production of hot-rolled seamless carbon and alloy steel tubes, both smooth and threaded, for the oil and gas industry); and the Speciality Products segment (production of stainless steel and titanium tubes as well as specific forming and machining activities). Co. is organized into four divisions: Energy and Industry division; Oil Country Tubular Goods division; Drilling Products division; and Brazil division.
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