Accordingly, in this quarter, the company's net sales amounted to $3.10 billion, which is four percent more than in the fourth quarter and six percent more year-on-year. The increase in net sales revenue was driven by a seasonal increase in activity in Canada, a limited recovery in activity in Mexico, increased offshore sales in Brazil, customer inventory accumulation in North Africa, and increased shipments in Saudi Arabia, despite disruptions in the Middle East since March caused by the war with Iran and the closure of the Strait of Hormuz. Tenaris' net income in the first quarter was $564 million, up 22.0 percent quarter-on-quarter and nine percent year-on-year, while operating profit increased five percent quarter-on-quarter and six percent year-on-year to $584 million.
In the first quarter, the company's pipe sales totaled 784,000 tons, an increase of one percent compared to the fourth quarter and one percent year-on-year.In the second quarter, Tenaris said its sales would be impacted by lower shipments to the Middle East, and its earnings would be impacted by higher logistics costs in addition to lower fixed cost coverage. The company predicts a recovery in sales and profitability in the second half of 2026, provided that the Strait of Hormuz is reopened in the short term.
