BIT$TS
Tenaris Group · Q4 2024 earnings
Q4 2024 earnings · · After market close · Investor relations
Briefing
Tenaris Q4 sales hold at $2.85B as Middle East shipments offset Americas weakness; net income rises on litigation provision reversal
Tenaris reported fourth-quarter 2024 net sales of $2.85 billion, down 17% year over year but only 2% below Q3 as the company advanced Middle East and Turkey shipments despite softer demand in Mexico, Argentina, and Saudi Arabia. Operating income was $558 million and net income $519 million, up 13% sequentially, helped by a $67 million partial reversal of a Usiminas litigation provision. EBITDA was $726 million (25.5% margin), or $659 million excluding that gain. Earnings were $0.47 per share and $0.94 per ADS. Free cash flow was $310 million in the quarter and net cash stood at $3.6 billion after dividends and buybacks. Management expects Q1 2025 sales and EBITDA in line with Q4 before a moderate second-quarter increase, while flagging tariff uncertainty.
- Q4 net sales were $2.85B (-17% YoY, -2% vs Q3) with resilient Middle East volumes offsetting weaker Americas demand
- Net income rose to $519M (+13% QoQ) aided by a $67M partial reversal of Usiminas litigation provisions
- Q4 EBITDA was $726M (25.5% margin); adjusted EBITDA excluding the litigation gain was $659M
- Earnings were $0.47 per share and $0.94 per ADS; free cash flow was $310M with $3.6B net cash at year-end
- Board intends to propose a $0.83 annual dividend ($1.12 per ADS balance) subject to May 2025 shareholder approval
Headline financials
Revenue & EPS history
Tenaris · Revenue · Quarterly
$2.85B
Revenue by segment
Tenaris · $2.85B total across 2 segments · Q4 2024
- Tubes$2.7B—94.7%
- Others$150M—5.3%
Forward guidance
Management expects Q1 2025 sales and EBITDA (excluding extraordinary items) in line with Q4 2024, with a moderate increase in Q2, while noting high uncertainty from potential U.S. tariff changes.
Tailwinds
- OCTG reference prices in North America recovered about 9% from August 2024 lows
- Middle East gas drilling and Abu Dhabi oil activity remain supportive
Headwinds
- Tariff and trade-policy uncertainty could affect costs and pricing beyond Q2
- Residual North American price declines and mixed regional drilling activity
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2024
+1.1%
Avg return
Earnings day
+2.1%
Avg return
5 days after
+0.8%
Avg return
30 days after
51%
25 / 49 earnings
Positive
+20.7%
Q4 2020
Best reaction
-8.4%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +9.1% | +8.8% | +12.2% | |
| Q1 2025 | -1.6% | +2.3% | +4.4% | |
| Q4 2024 | -0.7% | -6.6% | +0.8% | |
| Q1 2024 | -7.3% | -12.9% | -6.8% | |
| Q2 2024 | -8.4% | -10.7% | -5.5% | |
| Q4 2023 | +9.1% | +12.3% | +22.7% | |
| Q3 2023 | +10.5% | +13.0% | +11.3% | |
| Q2 2023 | -5.1% | -2.6% | -3.9% | |
| Q1 2023 | -2.5% | +1.0% | -9.8% | |
| Q4 2022 | +5.1% | -0.3% | -19.2% | |
| Q3 2022 | +7.0% | +6.9% | +9.7% | |
| Q2 2022 | -6.0% | -3.3% | +2.7% | |
| Q1 2022 | +1.3% | +2.2% | +16.7% | |
| Q4 2021 | -1.6% | -3.6% | +6.1% | |
| Q3 2021 | +4.1% | +10.2% | -12.7% | |
| Q2 2021 | -3.3% | -1.7% | -3.0% | |
| Q1 2021 | -3.4% | +1.6% | +5.3% | |
| Q4 2020 | +20.7% | +18.7% | +24.2% | |
| Q3 2020 | +16.0% | +27.1% | +64.4% | |
| Q2 2020 | -0.7% | -0.7% | -6.8% | |
| Q1 2020 | +4.8% | +3.8% | -3.0% | |
| Q4 2019 | +4.4% | -5.1% | -47.4% | |
| Q3 2019 | -5.0% | +5.1% | -0.4% | |
| Q2 2019 | -2.2% | -6.7% | -13.7% | |
| Q1 2019 | +0.9% | -2.4% | -14.0% | |
| Q4 2018 | +2.9% | +1.7% | +8.6% | |
| Q3 2018 | +5.2% | +4.9% | -17.0% | |
| Q2 2018 | -7.0% | -6.7% | -8.7% | |
| Q1 2018 | -0.0% | +0.5% | +0.5% | |
| Q4 2017 | +3.4% | +8.6% | +0.3% | |
| Q3 2017 | +12.2% | +12.6% | +9.0% | |
| Q2 2017 | -7.2% | -7.9% | -13.5% | |
| Q1 2017 | -3.2% | -4.4% | -5.0% | |
| Q4 2016 | -3.4% | -2.1% | -6.5% | |
| Q3 2016 | +3.7% | +4.0% | +22.2% | |
| Q2 2016 | +5.0% | +7.0% | +6.1% | |
| Q1 2016 | -0.1% | — | — | |
| Q4 2015 | -1.2% | — | — | |
| Q3 2015 | -2.2% | — | — | |
| Q2 2015 | +4.0% | — | — | |
| Q1 2015 | +1.9% | — | — | |
| Q4 2014 | -3.8% | — | — | |
| Q4 2013 | -3.4% | — | — | |
| Q2 2012 | +2.0% | — | — | |
| Q4 2011 | +2.1% | — | — | |
| Q4 2010 | +0.7% | — | — | |
| Q2 2011 | +0.8% | — | — | |
| Q3 2010 | +2.5% | — | — | |
| Q2 2010 | -7.7% | — | — |
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