World’s leading seamless pipes solution provider France headquartered Vallourec has swung to profit in July-September 2022 Quarter July-September 2022 QuarterShipments – 462 KT, up 18% YoYRevenue – EUR 1.281 billion, up 4%YoYEBITDA – EUR 198 million, up 183% YoYOperating Income – EUR 89 million, up 24% YoYNet income, Group share – EUR 6 million, up EUR 13 million YoYVallourec’s Chairman & CEO Mr Philippe Guillemot said "Our tube business continues to improve quarter after quarter driven by a favorable environment due to a worldwide focus on energy security. Q3 results are positively impacted by the new Company-wide pricing strategies implemented since Q2 and strong volume dynamics related to new or existing contracts. In addition, we have made significant progress towards restoring normal operations at our Pau Branco mine. We have received permission to continue to use alternative waste piles until the beginning of Q2 2023. In parallel, we have finalized civil works related to the restoration of the minimum safety factor of the core Cachoeirinha waste pile and registered the request for its release.”January-September 2022Shipments – 1.29 million tonnes, up 14% YoYRevenue – EUR 3.342 billion, up 41%YoYEBITDA – EUR 403 million, up 13% YoYOperating Loss – EUR 286 million, down from income of EUR 299 million YoYNet loss, Group share – EUR 449 million, up from EUR 44 million loss YoYVallourec said “In North America, the highly favorable market conditions in Oil & Gas should continue through year-end and into 2023. The OCTG market remains very tight in terms of available supply. In EA-MEA, ongoing volume recovery is expected in the coming quarters especially in the dynamic Middle East markets, with a progressive recovery in pricing power. In Europe, higher energy costs are set to impact GDP growth. In South America, prices and volumes are expected to increase. In Brazil, the outlook for volumes is neutral, with price increases fully offsetting cost inflation.”Vallourec has confirmed EBITDA objective for FY 2022 in a range of EUR 650-750 million.
World’s leading seamless pipes solution provider France headquartered Vallourec has swung to profit in July-September 2022 Quarter July-September 2022 QuarterShipments – 462 KT, up 18% YoYRevenue – EUR 1.281 billion, up 4%YoYEBITDA – EUR 198 million, up 183% YoYOperating Income – EUR 89 million, up 24% YoYNet income, Group share – EUR 6 million, up EUR 13 million YoYVallourec’s Chairman & CEO Mr Philippe Guillemot said "Our tube business continues to improve quarter after quarter driven by a favorable environment due to a worldwide focus on energy security. Q3 results are positively impacted by the new Company-wide pricing strategies implemented since Q2 and strong volume dynamics related to new or existing contracts. In addition, we have made significant progress towards restoring normal operations at our Pau Branco mine. We have received permission to continue to use alternative waste piles until the beginning of Q2 2023. In parallel, we have finalized civil works related to the restoration of the minimum safety factor of the core Cachoeirinha waste pile and registered the request for its release.”January-September 2022Shipments – 1.29 million tonnes, up 14% YoYRevenue – EUR 3.342 billion, up 41%YoYEBITDA – EUR 403 million, up 13% YoYOperating Loss – EUR 286 million, down from income of EUR 299 million YoYNet loss, Group share – EUR 449 million, up from EUR 44 million loss YoYVallourec said “In North America, the highly favorable market conditions in Oil & Gas should continue through year-end and into 2023. The OCTG market remains very tight in terms of available supply. In EA-MEA, ongoing volume recovery is expected in the coming quarters especially in the dynamic Middle East markets, with a progressive recovery in pricing power. In Europe, higher energy costs are set to impact GDP growth. In South America, prices and volumes are expected to increase. In Brazil, the outlook for volumes is neutral, with price increases fully offsetting cost inflation.”Vallourec has confirmed EBITDA objective for FY 2022 in a range of EUR 650-750 million.
