Vallourec Posts Decline In Q1 Profit, Lowers 2012 Sales Forecast

Vallourec SA VLOWY reported a decline in its first-quarter net profit. It also cut its sales growth forecast for the full year to 5% from 10%. Vallourec's quarterly net profit declined to EUR29 million, versus EUR82 million, in the year-ago period. Its total sales climbed 4% to EUR1.20 billion. However, analysts were projecting a net profit of EUR44 million on revenue of EUR1.17 billion. Vallourec's earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 25% to EUR152 million. VLOWY shares closed at $10.71 yesterday.