Boulogne-Billancourt (France), 7 May 2014 – Vallourec, world leader in premium tubular solutions, today announces its results for the first quarter of 2014. The consolidated financial statements were presented by Vallourec's Management Board to its Supervisory Board.
FIRST QUARTER 2014 RESULTS:
- Sales of € 1,271 million, up 4.8% year-on-year (up 11.7% at constant exchange rates)
- EBITDA of € 196 million, up 2.6% year-on-year, with a 15.4% EBITDA margin
- Net income, Group share of € 56 million, up 60.0% year-on-year
- Net debt stable at € 1,628 million as of March 31, 2014
Commenting on these results, Philippe Crouzet, Chairman of the Management Board, said:
"We are pleased to report that our first quarter 2014 results are in line with our expectations, with an improved overall financial performance. Indeed, the first quarter sales are up 4.8% (up 11.7% at constant exchange rates), EBITDA is up 2.6% and the net income Group share increased by 60.0%. These figures reflect the growth in our Oil & Gas sales, while Vallourec's other markets did not benefit from noticeable changes.
In light of the continuing strength of the Euro and a less favourable mix expected in the EAMEA region, we have reinforced our cost savings measures. Assuming no significant changes in markets and currencies, Vallourec continues to target stable to moderate increase in sales and EBITDA, and a positive Free Cash Flow generation in 2014."