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Tenaris swings to profit in Q3

Tenaris SA said its third-quarter normalized net income amounted to $70.0 million, compared with a loss of $263,130 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 5.4% from negative 0.0% in the year-earlier period.

Total revenue increased 32.1% year over year to $1.30 billion from $986.5 million, and total operating expenses increased 20.1% on an annual basis to $1.22 billion from $1.02 billion.

Reported net income grew 2,158.8% year over year to $104.9 million, or 9 cents per share, from $4.6 million, or 0 cents per share.