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Tenaris Announces 2020 Second 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 and Net cash / debt. See exhibit I for more details on these alternative performance measures.

LUXEMBOURG, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and MTA Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2020 in comparison with its results for the quarter ended June 30, 2019.

Summary of 2020 Second Quarter Results

(Comparison with first quarter 2020 and second quarter of 2019)

 2Q 20201Q 20202Q 2019
Net sales ($ million)1,241 1,762 (30%)1,918 (35%)
Operating (loss) income ($ million)(91)(510)82%234 (139%)
Net (loss) income ($ million)(50)(666)92%240 (121%)
Shareholders’ net (loss) income ($ million)(48)(660)93%241 (120%)
(Losses) earnings per ADS ($)(0.08)(1.12)93%0.41 (120%)
(Losses) earnings per share ($)(0.04)(0.56)93%0.20 (120%)
EBITDA* ($ million)59 280 (79%)370 (84%)
EBITDA margin (% of net sales)4.7%15.9% 19.3% 

*EBITDA is defined as operating (loss) income plus depreciation, amortization and impairment charges / (reversals). EBITDA includes severance charges of $54 million in Q2 2020 and $23 million in Q1 2020. If these charges were not included EBITDA would have been $113 million (9.1%) in Q2 2020 and $303 million (17,2%) in Q1 2020.

Our second quarter sales were down 30% sequentially following the rapid decline in economic activity, oil consumption and drilling activity as a result of the measures to contain the COVID-19 pandemic around the world. Sales in North and South America were particularly affected but some areas, like the Middle East and offshore, showed more resilience.

In response to this crisis, which will have...

Författare Tenaris S.A.

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