Vallourec confirms Brazil will weigh on full-year results
PARIS Nov 7 (Reuters) - French steel tube maker Vallourec posted higher third-quarter sales, once again driven by its oil and gas markets, but restated that its full-year results would be weighed down by a slowdown in Brazil.
The company had warned in September that a weak Brazilian real and lower demand for new oil and gas wells in Brazil could limit growth in revenue and gross profit margin this year.
"While these temporary factors will also affect the next quarters, Vallourec remains very much focused on strengthening its premium positioning and enhancing its operating efficiency," Chief Executive Philippe Crouzet said in a statement on Thursday.
Quarterly sales rose 3.4 percent to 1.379 billion euros, missing a company-provided market consensus of 1.437 billion.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 15.4 percent to 240 million euros, with an EBITDA margin up 1.8 percentage points to 17.4 percent.
Net income rose 29 percent to 80 million euros. (Reporting by Natalie Huet)
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.