TMK Ipsco revenue off despite rise in sales

Nov 27, 2013 | 10:58 AM | Thorsten Schier

Tags  TMK Ipsco, OAO TMK, Piotr Galitzine, oil country tubular goods, OCTG, earnings results, Thorsten Schier

NEW YORK — TMK Ipsco, the North American subsidiary of Russian pipe and tube maker OAO TMK, logged a decline in nine-month earnings despite improved sales volumes as prices fell.

The Houston-based company’s Americas division recorded revenue of $1.21 billion for the first nine months ended Sept. 30, down 6.9 percent from nearly $1.3 billion in the same period last year even as sales volumes rose 7.8 percent to 746,000 tonnes from 692,000 tonnes. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) for the division fell 51.3 percent to $95 million from $195 million in the same comparison.....

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