Tenaris S.A. - ADR

Financial Performance Overview: - In Q4 2024, Tenaris reported sales of $2.8 billion, a decline of 17% year-over-year and 2% sequentially, driven by lower volumes and average selling prices, particularly in North America. EBITDA was $726 million, yielding a margin of 25.5% due to a reversal of a provision for litigation; excluding this, EBITDA declined by 4% sequentially.

Dividends and Share Buybacks: - The Board of Directors proposed an annual dividend of $0.83 per share, a 38% increase from the previous year, reflecting a commitment to returning cash to shareholders. $454 million has been allocated for share buybacks, with ongoing buyback programs continuing to complement the dividend proposal.

Market and Production Outlook: - Tenaris anticipates steady margins for Q1 2025, aligning with Q4 2024 performance, and highlights improvements in sales and margins driven by PIPE Logix pricing adjustments. A significant uptick in rig counts in Vaca Muerta, Argentina, is expected, reflecting a positive outlook for domestic oil and gas production.