Tenaris Net Jumps as Oil Drilling Boosts Demand for Pipes
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Tenaris SA, the world’s largest maker of seamless steel pipes, said fourth-quarter profit rose 25 percent, beating analyst estimates, on increased demand from oil and natural-gas explorers and higher prices.
Net income attributable to shareholders rose to $399.6 million, or 34 cents per American depositary receipt, from $320.9 million, or 27 cents, a year earlier, the Luxembourg-based company said today in a statement. Tenaris was expected to post profit of $383.9 million, excluding some items, the average of nine analysts’ estimates compiled by Bloomberg.