1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
Tenaris reported first-quarter revenue up 5% sequentially. Adjusted operating margins jumped to 3.7% from negative 0.6% in the prior quarter. However, this bottom-line improvement almost entirely reflected a $40 million reduction in depreciation expense, driven by prior fixed asset write-offs. As such, adjusted EBITDA margins were flat at about 16%. Our fair value and no-moat rating are unchanged following the results.
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.
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