Tenaris Stock Price, News & Analysis

Tenaris has announced a new USD 700 million Share Buyback Program starting November 11, 2024, and ending March 26, 2025. The program will be executed through a non-discretionary agreement with a bank that will make independent trading decisions. The buyback is to 46,373,915 ordinary shares, representing 3.93% of the company's issued share capital. This follows a previous USD 1.2 billion buyback program that concluded on August 2, 2024, which resulted in the purchase of shares representing 6.07% of total issued share capital. Purchased shares under the new program will be cancelled.

Tenaris (NYSE: TS) reported Q3 2024 results with net sales of $2.915 billion, down 12% from Q2 2024 and 10% from Q3 2023. Net income reached $459 million, up 32% from Q2 2024 but down 16% from Q3 2023. EBITDA was $688 million with a 23.6% margin. The company announced a $0.27 per share interim dividend and approved a $700 million follow-on share buyback program. Sales decline was attributed to lower prices in the Americas and reduced demand in USA, Mexico, and Saudi Arabia. The company maintains a strong financial position with $4.0 billion net cash.

Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) has successfully completed its USD1.2 billion Share Buyback Program. The program, which ran from November 5, 2023, to August 2, 2024, resulted in the purchase of 71,679,768 ordinary shares, representing 6.07% of the total issued share capital at the program's start. The fourth and final tranche, executed from June 17 to August 2, 2024, saw the acquisition of 19,452,939 shares for €278,698,899 (USD300 million). As of August 2, 2024, Tenaris held 53,900,466 treasury shares, accounting for 4.64% of its total issued share capital. The company intends to cancel the treasury shares purchased under this program in due course.

Tenaris S.A. (NYSE: TS) announced its Q2 2024 results, reporting net sales of $3,322 million, down 3% from Q1 2024 and 18% year-over-year. Net income decreased to $348 million, a 54% drop from Q1 2024 and 69% year-over-year. EBITDA margin fell to 19.6% from 28.7% in Q1 2024.

The company's performance was impacted by declining OCTG prices in the Americas and a $171 million provision for ongoing litigation. Despite challenges, Tenaris maintained a strong free cash flow of $774 million and a net cash position of $3.8 billion.

Outlook remains uncertain due to OPEC+ production cut rollbacks and high OCTG imports in the U.S. Tenaris expects Q3 results to be affected by lower activity in the U.S. and Latin America, as well as extended OCTG price declines in the Americas.

The Brazilian Superior Court of Justice (SCJ) has ordered Tenaris's subsidiary Confab and affiliates of Ternium, part of the T/T Group, to pay Companhia Siderúrgica Nacional (CSN) indemnification related to the 2012 acquisition of a stake in Usiminas.

CSN's lawsuit argued that a tag-along tender offer should have been made to non-controlling Usiminas shareholders, offering 80% of the acquisition price per share. Initial courts dismissed CSN's claims, but the SCJ reversed its earlier decision, granting CSN indemnification potentially up to BRL 942 million (approx. $180 million).

Despite the ruling, Tenaris maintains the claims are without merit and plans to appeal the decision. The company asserts that the SCJ decision contradicts previous legal opinions and court rulings.

Tenaris has completed the third tranche of its USD1.2 billion Share Buyback Program, purchasing 18,080,524 ordinary shares for EUR276.63 million (USD300 million) from May 13, 2024, to June 13, 2024.

As of June 14, 2024, Tenaris holds 34,447,527 ordinary shares in treasury, representing 2.96% of its total issued share capital.

The company has entered a non-discretionary buyback agreement with a primary financial institution for the fourth tranche, which begins on June 17, 2024, and ends by October 31, 2024, aiming to purchase up to USD300 million worth of ordinary shares.

These shares will be cancelled in due course.

Tenaris S.A. announced the commencement of a USD 300 million third tranche of its USD 1.2 billion Share Buyback Program, aiming to buy back ordinary shares in the open market for cancellation. The program is executed through a buyback agreement with a primary financial institution, ensuring compliance with regulations. The third tranche starts on May 13, 2024, and ends by August 12, 2024.

Tenaris S.A. shareholders approved all resolutions at the annual and extraordinary general meetings, including annual dividend declaration and the appointment of new directors. The Company's 2023 reports were acknowledged, and the share capital was reduced following a share buyback program.

Tenaris S.A. completed the second tranche of its Share Buyback Program, purchasing 16,367,003 ordinary shares for €277,137,521. The company now holds 34,146,305 shares in treasury, equal to 2.89% of the total issued share capital.