The following is a summary of the Tenaris S.A. (TS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 sales reached $2.9 billion, indicating a decline of 10% year over year, primarily affected by lower demand and prices in the Americas.

• EBITDA for Q3 2024 was $688 million, up 6% sequentially, despite a 16% decline without prior quarter's extraordinary provision.

• Third-quarter net cash position totaled $4 billion, with substantial free cash flow generation and share buybacks.

Business Progress:

• Completed major plant stoppages and concluded key cycles of investment in maintenance and modernization.

• Enhanced international relationships and secured multiple awards for complex offshore projects, expanding project backlog for 2025-2026.

• Significant contracts won in regions like the Guyana-Suriname Basin, Brazil, and West Africa for various oil projects.

• Positive developments in U.S. OCTG market, expecting a continued rebound in prices.

Opportunities:

• Increased investments linked to expanding production in Argentina's Vaca Muerta and anticipated favorable policies from the U.S. government benefiting the energy sector.

• Prospective improvements in market access and policies favoring domestic production under new U.S. administration could benefit operations.

Risks:

• Potential challenges due to softening oil drilling activities in the Middle East and delayed payments impacting cash flows, primarily from PEMEX in Mexico.

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