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Tenaris SA ADR TS

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Morningstar’s Analysis

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Tenaris Posts Very Improved Fourth-Quarter Results on Industry Rebound

Preston Caldwell Equity Analyst

Analyst Note

| Preston Caldwell |

Tenaris reported very improved fourth-quarter results, with revenue up 12% sequentially driven by industrywide activity gains. Adjusted operating margins improved to negative 1% from negative 8% in the prior quarter. This is an impressive bottom-line performance (representing incrementals of 60%), driven by the company's high operating leverage as well as some ongoing cost-cutting. Our fair value estimate and no-moat rating are unchanged following the results.

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Company Profile

Business Description

Tenaris is one of the largest global producers of oil country tubular goods, which are used primarily in the construction of oil and gas wells. The company’s production facilities are located primarily in the U.S., Argentina, Mexico, and Italy. Tenaris’ premium OCTG products are among the most trusted by oil companies for use in the most challenging applications, including deep-water offshore as well as horizontal shale wells.

26, Boulevard Royal, 4th Floor
Luxembourg, L-2449, Luxembourg
T +352 26478978
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type
Employees 19,028