PARIS Nov 7 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
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)