Tenaris shares fall as Middle East shipping issues impact Q2 outlook

au.investing.com

Tenaris shares dropped over 6% despite exceeding first-quarter earnings expectations. The steel pipe maker cited anticipated lower shipments and higher logistics costs in the Middle East for the projected impact on second-quarter sales and margins. The company's first-quarter net sales and net income both increased year-over-year, but the conflict in the Middle East has altered the energy industry outlook.


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Tenaris shares fall as Middle East shipping issues impact Q2 outlook | News Minimalist