Tesco up sharply after earnings beat


It's a good day to be a Tesco (TESO +9.3%) shareholder as the stock soars on the back of the company's Q2 report.

Revenue from TESO's tubular services segment rose 26% Y/Y. Operating margins in the segment were 22% versus 11% in Q2 2012 thanks to higher CDS equipment sales. (PR)

Asked on the CC whether higher margins for tubular services are sustainable, CEO Julio Manuel Quintana says that "overall, [the business has] shifted ... from single-digit, low-teens to a high-teens business, and we believe we can keep it there." (transcript)

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