Tenaris SA
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Based in Luxembourg
Company profile

Tenaris S.A. is a holding company, which is a steel producer with production facilities in Mexico, Argentina, Colombia, United States and Guatemala. The Company supplies round steel bars and flat steel products for its pipes business. It operates through Tubes business segment. The Tubes segment includes the production and sale of both seamless and welded steel tubular products, and related services primarily for the oil and gas industry, principally oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that include in the transformation of steel into tubular products. It operates in geographical areas, such as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Its products and services include OCTG, Premium Connections, Rig Direct, Offshore Line Pipe, Onshore Line Pipe, Hydrocarbon Processing, Power Generation, Sucker Rods, Coiled Tubing, Industrial and Mechanical, and Automotive.

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Hyatt profit, boosted by a tax benefit, beats expectations by a wide margin

7:14 am ET February 16, 2023 (MarketWatch)

Hyatt Hotels Corp. (H) reported Thursday fourth-quarter profit that beat expectations by a wide margin, boosted by a noncash benefit of $250 million from the release of a valuation allowance on deferred taxes. Net income of $294 million, or $2.69 a share, compared with a net loss of $29 million, or 26 cents a share, in the year-ago period. The year-ago results is from the earnings release from February 2022, because the hotel operator didn't provide year-ago results in the latest earnings press release or in the supplemental investor presentation. Excluding nonrecurring items, adjusted earnings per share of $2.55 was above the FactSet consensus of 34 cents. Total revenue of $1.59 billion was up 47.6% from last year, and above the FactSet consensus of $1.52 billion. Comparable system-wide revenue per available room (RevPAR) rose 2.4% in the fourth quarter but fell 6.1% for 2022, when compared with pre-pandemic 2019 levels. The stock, which rose 2.1% in premarket trading, has rallied 24.6% over the past three months through Wednesday, while the S&P 500 has advanced 4.8%.

-Tomi Kilgore


(END) Dow Jones Newswires

February 16, 2023 07:14 ET (12:14 GMT)

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