Steel pipes supplier Tenaris SA reported that its net income jumped to $162 million in the fourth quarter of fiscal 2017 from $24 million in the year-ago period on the back of stronger sales.

Net income attributable to shareholders climbed to $160 million from $34 million in the year-ago period.

Earnings per share came in at 14 cents in the three months ending Dec. 31, 2017 compared with 3 cents in the year-ago quarter.

Fourth-quarter net sales climbed 52% to $1.59 billion from $1.05 billion in the year-ago period.

Tenaris said quarterly sales were boosted by higher demand from its Rig Direct customers in the U.S. and Canada, as well as improved demand for mechanical products in Europe.

Operating income came in at $168 million in the fourth quarter, representing a 2,788% surge from $6 million in the year-ago period.

For the full year, shareholders' net income soared to $545 million from $55 million in the year-ago period.

Tenaris said its shareholders' net income benefited from a tax benefit due to the reduction in taxes in Argentina and the U.S.

The company's board of directors proposed the payment of an annual dividend of 41 cents per share, which includes the interim dividend of 13 cents per share paid in November 2017. If approved by the shareholders, a dividend of 28 cents per share will be paid on May 23.