(Reuters) -Italy's Tenaris expects sales and margins to remain firm but gradually decline over the rest of the year, following a 75% increase in sales in the first quarter of 2023, the steel pipe maker said late on Wednesday.
"While sales in the Eastern Hemisphere are expected to consolidate above Q1 levels, sales in the Americas will be affected by lower prices and the marginal reduction in US drilling activity," is said in a statement.
The Luxembourg-based group, which produces pipes for oil and gas exploration, said on Wednesday its January-to-March net sales came at $4.14 billion, benefiting from an increase in pipe shipments.
Its earnings before interest, tax, depreciation and amortization (EBITDA) were up 135% from the previous year at $1.48 billion.