Vallourec achieves better than expected results and revises 2008 guidance upwards

13/11/2008 - Finance
Vallourec today announced its results for the third quarter of 2008.

 

 

Q3 sales up 7.6% to € 1,613 million

EBITDA of € 430 million (+2.1%), giving an EBITDA/sales ratio of 26.7%

Healthy financial position

2008 guidance revised upwards

 

Boulogne-Billancourt, 13 November 2008 - Vallourec, world leader in the production of seamless steel tubes, today announced its results for the third quarter of 2008. The consolidated financial statements were presented today by Vallourec's Management Board to its Supervisory Board, chaired by Jean-Paul Parayre.

Commenting on these results, Pierre Verluca, Chairman of the Management Board, stated:

"Benefiting from progressive price increases throughout the year and from the recent fall in raw material costs, our results for the third quarter were better than we had anticipated. The combination of these favourable elements enables us to forecast a good fourth quarter and a good start to 2009. Whilst the effect of the deteriorating international financial and economic environment upon our markets remains difficult to quantify, we can rely on our unique premium positioning in seamless tubes, our presence in energy markets whose fundamentals remain sound, our expanding international industrial base, and our increasing competitiveness."

 

Information
Quarterly statements are unaudited.
Unless specified otherwise, the changes indicated are in comparison with the same period the previous year.

 


About Vallourec

Vallourec is world leader in the production of seamless steel tubes designed primarily for the Oil & Gas and Power generation sectors, and for other industrial applications.

Vallourec is listed on the Euronext Paris Eurolist (ISIN code: FR0000120354), is eligible for the deferred settlement system and is included in the following indices: MSCI World Index, Euronext 100 and CAC 40. FTSE classification: engineering and machinery.

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