Tenaris SA said its first-quarter normalized net income came to $41.8 million, a gain of 907.7% from $4.2 million in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to 3.6% from 0.3% in the year-earlier period.
Total revenue fell year over year to $1.15 billion from $1.21 billion, and total operating expenses decreased 5.0% on an annual basis to $1.12 billion from $1.18 billion.
Reported net income rose 1,002.8% on an annual basis to $113.6 million, or 10 cents per share, from $10.3 million, or 1 cents per share.