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Vallourec announces Q3 and 9M results

Steel News - Published on Tue, 20 Nov 2018

Image Source: SteelGuru
Vallourec announced its results for the third quarter and first nine months of 2018. Philippe Crouzet, Chairman of the Management Board, said "Over the third quarter, Vallourec's EBITDA continued to improve, reflecting the price increases passed on OCTG products in the US. Vallourec also continues to reap the benefits of its Transformation Plan. The Group is generating significant cost reductions and securing commercial successes in all regions thanks to its new competitive routes from China and Brazil. Looking forward, we continue to see positive trends in our main markets and remain confident in the solidity of demand. In the short term, while in the U.S. the temporary build-up in inventories is expected to induce softer demand, the Group expects deliveries on the international Oil & Gas markets to continue to grow. In the fourth quarter, Vallourec targets its EBITDA to show continuing progress and exceed that of Q3 2018."

Highlights

Revenue of EUR 2,805 million in 9M 2018 up 4.7% year-on-year (12.9% at constant exchange rates) driven by the positive momentum on the Oil & Gas market, both price and volume wise

Continuous quarterly EBITDA improvement:
EUR 61 million in 9M 2018, improved by EUR 70 million year-on-year
EUR 43 million in Q3 2018, improved by EUR 34 million year-on-year

Source :

Posted By : Ratan Singh on Tue, 20 Nov 2018
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