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Tenaris profit misses consensus by 17.3% in Q1

Tenaris SA said its first-quarter normalized net income came to 19 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS declined 42.4% year over year from 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $221.4 million, a decline of 42.4% from $384.3 million in the year-earlier period.

The normalized profit margin dropped to 10.6% from 14.9% in the year-earlier period.

Total revenue fell 12.7% on an annual basis to $2.25 billion from $2.58 billion, and total operating expenses fell 6.9% on an annual basis to $1.87 billion from $2.01 billion.

Reported net income declined 47.4% year over year to $222.2 million, or 19 cents per share, from $422.5 million, or 36 cents per share.