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Tenaris profit beats consensus by 57.5% in Q1

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.