Vallourec reports 25 percent decrease in Q2
YOUNGSTOWN
Today, the France-based parent company of Youngstown’s Vallourec Star plant reported a year-over-year 25 percent decline in second quarter earnings.
In the second quarter, Vallourec reported converted euro-to-dollar revenue of $846.2 million compared with revenue of $1.29 billion reported in the second quarter of 2015.
Vallourec serves the oil and gas industry more than other energy industries. Falling energy prices have continually impacted the company’s revenue and led to layoffs, including at the Vallourec Star plant where pipe is produced.
“Poor market conditions have continued to weigh on our first half 2016 revenues and results despite a second quarter which benefited from a better mix compared with the first quarter,” said Philippe Crouzet, chairman of the management board in a statement. “The second half of 2016 will continue to be significantly impacted by low demand and intense pricing pressure.”
The company says its transformation plan is moving forward with ongoing restructuring and divestments in Europe.