* Net quarterly income $321.2 mln, beats expectations
* Net sales in quarter rise 12 percent to $2.06 billion
BUENOS AIRES Feb 23 Tenaris, the top global
producer of seamless steel pipes for the energy industry, said
on Wednesday its fourth-quarter net profit rose 33 percent to
$321.2 million, beating market expectations.
A Reuters poll of six analysts put the steelmaker's
quarterly earnings at a median of $295.5 million, with
estimates ranging from $285 million to $410 million.
In the fourth quarter of 2009, Tenaris had net income of
Analysts said in mid-January that the company told a New
York conference that fourth-quarter earnings before interest,
tax, depreciation and amortization (EBITDA) were expected to be
little changed from the third quarter.
In the June-September quarter, Tenaris posted a net profit
of $302.7 million.
At the time, Tenaris said it expected revenues and
operating income to rise gradually in the fourth quarter and
more strongly in the first half of 2011.
The fortunes of Tenaris (TENA.BA)(TS.N)(TENR.MI) are
closely linked to energy exploration. Analysts said the steel
market is coming back slowly, which was reflected in Tenaris'
Luxembourg-based Tenaris is the most heavily weighted stock
on Argentina's MerVal .MERV benchmark stock index, accounting
for 15.53 percent of the index.
(Reporting by Guido Nejamkis; Writing by Eduardo Garcia;
Editing by Richard Chang)