EXHIBIT 99.1

FOR IMMEDIATE RELEASE

 

 

TETRA TECHNOLOGIES, INC.

ANNOUNCES SECOND QUARTER 2017 RESULTS

 

THE WOODLANDS, Texas, August 9, 2017 / PR Newswire / - TETRA Technologies, Inc. (“TETRA” or the “Company”) (NYSE:TTI)

announced a consolidated second quarter 2017 net loss per share attributable to TETRA stockholders of $0.10, which compares to a loss of $0.02 per share in the first quarter of 2017 and a loss of $0.32 per share in the second quarter of 2016.

 

TETRA's adjusted per share results attributable to TETRA stockholders for the second quarter of 2017, excluding Maritech and special items, were a loss of $0.04, which compares to adjusted losses per share of $0.10 in the first quarter of 2017 and $0.15 in the second quarter of 2016, also excluding Maritech and special items. Second quarter 2017 revenue of $208 million increased 24% from the first quarter of 2017 and 19% from the second quarter of last year, primarily as a result of stronger activity in our Fluids Division water management and product sales in the Gulf of Mexico.  

 

(Adjusted earnings/loss per share is a non-GAAP financial measure that is reconciled to the nearest GAAP measure in the accompanying schedules.)

Second Quarter 2017 Results

 

Three Months Ended

 

June 30, 2017

 

March 31, 2017

 

June 30, 2016

 

(In Thousands, Except per Share Amounts)

Revenue

$

208,369

 

 

$

168,001

 

 

$

175,660

 

Net loss attributable to TETRA stockholders

(10,991

)

 

(2,463

)

 

(26,574

)

Adjusted EBITDA(1)

28,537

 

 

18,275

 

 

32,949

 

GAAP EPS attributable to TETRA stockholders

(0.10

)

 

(0.02

)

 

(0.32

)

Adjusted EPS attributable to TETRA stockholders(1)

(0.04

)

 

(0.10

)

 

(0.15

)

Consolidated net cash provided (used) by operating activities

19,977

 

 

(20,538

)

 

9,795

 

TETRA only adjusted free cash flow(1)

$

6,090

 

 

$

(13,847

)

 

$

(7,314

)

 

    (1) Non-GAAP financial measures are reconciled to GAAP in the schedules below.

 

Highlights include:

 

 

Fluids Division revenues increased 22% sequentially and 47% compared to the second quarter of 2016 due to the start, late in the second quarter, of a significant Gulf of Mexico TETRA CS Neptune™ completion fluids project that is expected to be completed in the third quarter and the traditional ramp-up in fluids sales in Northern Europe.  

 

Compression Division revenues increased 15% over the first quarter as the business continues to see signs of a recovery. Compression fleet utilization improved 190 basis points to 78.9% compared to the first quarter, the third consecutive quarter of improved utilization driven largely by demand for large horsepower equipment.  

 


The following information was filed by Tetra Technologies Inc (TTI) on Wednesday, August 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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