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Tenaris profit misses consensus by 24.2% in Q2

Tenaris SA said its normalized net income for the second quarter came to 10 cents per share, compared with the S&P Capital IQ consensus estimate of 13 cents per share.

EPS declined 65.8% year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $116.4 million, a decline of 65.8% from $340.6 million in the prior-year period.

The normalized profit margin declined to 6.2% from 12.8% in the year-earlier period.

Total revenue decreased 29.8% year over year to $1.87 billion from $2.66 billion, and total operating expenses decreased 21.0% on an annual basis to $1.67 billion from $2.11 billion.

Reported net income fell 83.7% year over year to $66.3 million, or 6 cents per share, from $407.9 million, or 35 cents per share.