Before passing over the call to Paolo for his opening remarks, I would like to briefly comment our quarterly results. During first quarter of 2012, sales increased 13% to $2.6 billion compared to $2.3 billion recorded in the first quarter of last year. However as anticipated last quarter they decreased 5% sequentially as sales were impacted by lower pipe shipments or HPI and pipe line in addition to lower OCTG shipments in Columbia and Saudi Arabia. Our EBITDA for the quarter reached 700 million, which was 26% higher than the corresponding quarter of 2011 and 2% higher sequentially.Our EBITDA margin continued to improve reaching 27% due to lower raw material cost and plant our location efficient. Average selling prices in our Tubes operating segments were up 8% compared to the corresponding quarter of last, but flat sequentially.
Tenaris' CEO Discusses Q1 2012 Results - Earnings Call Transcript
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