Tenaris S.A. (TS) reported net income for the fourth quarter of $357.7 million or $0.61 per ADS, compared to $399.6 million or $0.68 per ADS for the year-ago quarter.
Net sales for the fourth quarter was $2.76 billion, compared to $2.75 billion a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.73 per ADS on revenue of $2.72 billion for the fourth quarter.
The company also said that Edgardo Carlos will assume the position of Chief Financial Officer, effective as of July 1, replacing Ricardo Soler. Carlos previously served as our Corporate Financial Manager, as Administration & Finance Regional Director for Mexico and Central America, and currently holds the position of Economic and Financial Planning Director.
The company's board of directors proposes, for the approval of the annual general shareholders' meeting to be held on May 2, the payment of an annual dividend of $0.43 per share, or $0.86 per ADS, or about $507.6 million, which includes the interim dividend of $0.13 per share, or $0.26 per ADS, or about $153.5 million, paid in November, 2012.
If the annual dividend is approved by the shareholders, a dividend of $0.30 per share, or $0.60 per ADS, or about $354.2 million will be paid on May 23 with an ex-dividend date of May 20.
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