Tenaris SA (ADR)'s Third-Quarter Results Send Its Stock Soaring

Tenaris SA (ADR)'s Third-Quarter Results Send Its Stock Soaring

Tenaris SA's (NYSE: TS) stock rallied more than 10% by 2:45 p.m. EDT on Thursday after the steelmaker reported third-quarter results. While earnings came in a bit shy of expectations, its outlook suggests that even better days lie ahead.

Tenaris pulled in $1.3 billion of revenue during the third quarter, which was up 31.7% from last year's third quarter and in line with analysts' expectations. The main fuel of that sales growth was strong demand for its oil-related steel products in the Americas, thanks to increased drilling activity in the U.S., Canada, and Argentina. That helped offset weaker sales in the Middle East and Africa. The sales growth, when combined with improving margins, drove a 41% year-over-year increase in earnings, which rose to $105 million, or $0.09 per share, though that was $0.01 per share less than analysts' expectations.

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Source: Fool.com