Vallourec reports first-quarter 2024 EPS of 0.43 euros, down from 0.66 euros a year earlier, and EBITDA (gross operating income) down 27% to 235 million euros, representing a margin down 0.2 points to 23.7% of sales.

The seamless tube manufacturer saw its revenues fall by 26% to 990 million, with a volume effect of -32% mainly due to the closure of European rolling mills and lower deliveries of tubes for the oil & gas segment in North America.

For the year 2024, Vallourec anticipates a high group EBITDA margin, positive overall cash generation and a significant reduction in net debt compared with the first quarter of 2024 (485 million euros).

'We are now ahead of our objective of achieving zero net debt by the end of 2025, at the latest. As a result, we expect a return to shareholders by 2025 at the latest', says CEO Philippe Guillemot.

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