I would like to start by mentioning that we will host an investor plan visit in Veracruz on September 20th, and we look forward to seeing many of you there.
The event will give us the opportunity to walk you through our new rolling and meet with Paolo Rocca and other members of our senior management. Before passing over the call to Paolo for his opening remarks, I would like to briefly comment our results.
During the quarter, sales increased sequentially in each of our operating segments, but sales growth in our tubes operating segment was held back by lower sales in Canada and lower shipments of deepwater line pipe projects in the Middle East and Oceania.
During the second quarter of 2011 sales increased 21% to 2.4 billion compared to 2 billion recorded in the second quarter of last year, and 3% sequentially. Our EBITDA reached 548 million, which was 3% higher than the corresponding quarter of 2010, but 4% lower sequentially. Our EBITDA was affected by some unexpected delays in shipments, mainly in Mexico, and some one-off events coupled with the continued cost increases that exceeded increases in average selling prices.Average selling prices were up 9% compared to the corresponding quarter of last year and 4% sequentially.During the quarter, our sales of high-end seamless products were 50% of our total seamless volumes compared to 46% posted during the second quarter of last year, and 47% recorded in the first quarter of 2011.Results of our project segments have also recorded significant year-on-year and sequential increase. However, this quarter the mix in our projects segment has been particularly favorable and may not be repeatable in the remaining two quarters of the year.Now, I will ask Paolo to say a few words before opening the call to questions.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV