Boulogne-Billancourt (France), 15 November 2018 – Vallourec, a world leader in premium tubular solutions, today announced its results for the third quarter and first nine months of 2018. The consolidated financial information was presented by Vallourec’s Management Board to its Supervisory Board on 14 November 2018.
Revenue of €2,805 million in 9M 2018 up 4.7% year-on-year (12.9% at constant exchange rates) driven by the positive momentum on the Oil & Gas market, both price and volume wise
Continuous quarterly EBITDA improvement:
€61 million in 9M 2018, improved by €70 million year-on-year
€43 million in Q3 2018, improved by €34 million year-on-year
Fourth quarter 2018 EBITDA targeted to show continuing progress and exceed that of Q3 2018
Commenting on these results, Philippe Crouzet, Chairman of the Management Board, said:
"Over the third quarter, Vallourec's EBITDA continued to improve, reflecting the price increases passed on OCTG products in the U.S.
Vallourec also continues to reap the benefits of its Transformation Plan. The Group is generating significant cost reductions and securing commercial successes in all regions thanks to its new competitive routes from China and Brazil.
Looking forward, we continue to see positive trends in our main markets and remain confident in the solidity of demand. In the short term, while in the U.S. the temporary build-up in inventories is expected to induce softer demand, the Group expects deliveries on the international Oil & Gas markets to continue to grow. In the fourth quarter, Vallourec targets its EBITDA to show continuing progress and exceed that of Q3 2018."
Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec's pioneering spirit and cutting edge R&D open new technological frontiers. With close to 19,500 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible.
Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is included in the following indices: SBF 120 and Next 150.
In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.
For further information, please contact:
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