Why Tenaris Soared 17% Today
Shares of European steel company Tenaris (NYSE: TS) are up 17% as of 11:45 a.m. EST Thursday after the company reported third-quarter earnings last night. With sales down 43% compared to the year-ago period, and continued net losses, results didn't look good. But a closer look showed some promising trends.
The steelmaker reported some good sequential progress compared to the second quarter, with earnings before interest, taxes, depreciation, and amortization (EBITDA) jumping 83%, or 20% excluding severance charges.
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Source Fool.com
