Vallourec: nine-month loss of 399 million euros

(CercleFinance.com) - On Thursday evening, Vallourec announced Q3 2018 sales of 961 million euros, down slightly (-0.
3%) y-o-y (although up 4.3% at constant exchange rates).

Over the first nine months of 2018, the group recorded a turnover of 2,805 million euros, up 4.7% compared to the first nine months of 2017, including increased volumes and prices in the US.

The group made a net loss, group share of 92 million euros in Q3, against a loss of 119 million euros in Q3 2017. Over the first 9 months of 2018, its loss reached 399 million euros, against a loss of 373 million euros in the same period of 2017.

Vallourec targets a continued increase in its Q4 2018 gross operating result that is higher than in Q3. The group still expects robust demand for hydrocarbons, but a continued decline for wells. These trends should boost growth at oil and gas companies, the group said regarding its outlook.

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