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Vallourec Second-Quarter Profit Beats Analyst Estimates as Demand Rebounds
Vallourec SA, a French producer of steel pipes for the oil and gas industry, posted second-quarter profit that exceeded analyst estimates as demand rebounded.
Net profit rose to 125.9 million euros ($164 million), from 123.9 million euros a year before, the company, based in Boulogne Billancourt, France, said today in a statement. The result compares with the average of 116.8 million euros among seven analyst estimates compiled by Bloomberg.
“We have reacted quickly to meet the strong rebound in activity in all our markets during the second quarter,” Chairman Philippe Crouzet said in the statement. “We expect most of our plants to operate at high utilization rates during the second half of the year.”
The company has set aside capital expenditure of 160 million euros to expand its V&M Changzhou plant in Jiangsu province, China. The project will allow the production of 60,000 metric tons of seamless pipes a year to meet local demand for power plants, Vallourec said in a separate statement.
To contact the reporter on this story: Jesse Riseborough in London at jriseborough@bloomberg.net
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