Nov. 10--YOUNGSTOWN -- France-based Vallourec, the parent company of local Vallourec Star and VAM USA reported positive earnings during the third quarter of 2017 over a loss in the third quarter of 2016.
The global tubular solutions company reported earnings of $10.5 million after converting euros to dollars. During the third quarter of 2016, the company reported a $60 million loss.
"Over the first nine months of 2017, Vallourec's financial performance has improved in each of the three quarters leading to significant progress compared to the same period in 2016," said Philippe Crouzet, chairman of the management board, in a statement. "In the third quarter, the full effect of announced price increases in the U.S. became evident."
Locally, Vallourec Star produces steel pipe on Martin Luther King Boulevard while VAM USA provides premium threading for the pipes on Ohio Works Drive.
The company reported revenue of $1.1 billion, up from the third quarter of 2016's revenue of $806 million.
For the first nine months of the year, the company is reporting revenue of $2.7 billion, up from last year's $2.5 billion. Earnings for the nine months are at a loss of $10 million, down from last year's $181 million loss for the nine months.
In the third quarter of 2017, oil and gas revenue up 49.9 percent year over year -- up 35 percent at constant scope and exchange rates. Over the first nine months of 2017, oil and gas revenue was up 32.3 percent year over year -- up 13 percent at constant scope and exchange rates.
ÔÇ?In the U.S., the first nine months of 2017 revenue increased significantly year over year thanks to higher volumes. The recovery resulted primarily from the significant increase in the drilling activity and rig count, Vallourec said.
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