Exhibit 99.1

FOR IMMEDIATE RELEASE

 

 

 

 

 

 

TETRA TECHNOLOGIES, INC. ANNOUNCES SECOND QUARTER

RESULTS AND PROVIDES UPDATE TO TOTAL YEAR GUIDANCE

 

THE WOODLANDS, Texas, August 9, 2018 / PR Newswire / - TETRA Technologies, Inc. (“TETRA”) (NYSE:TTI) today announced consolidated

second quarter 2018 net loss per share before discontinued operations attributable to TETRA stockholders of $0.05.  This compares to consolidated net loss of $0.10 per share before discontinued operations attributable to TETRA stockholders in the first quarter of 2018, and a net loss per share before discontinued operations attributable to TETRA stockholders of $0.04 in the second quarter of 2017.

 

TETRA's adjusted per share results attributable to TETRA stockholders for the second quarter of 2018, before discontinued operations excluding special items, were earnings per share of $0.03.  This compares to adjusted loss per share of $0.06 in the first quarter of 2018 and adjusted earnings per share of $0.02 in the second quarter of 2017 before discontinued operations, which exclude special items detailed later in this press release.

 

Second quarter 2018 revenue before discontinued operations was $260 million, an increase of 30% from the first quarter of 2018 and an increase of 45% from the second quarter of last year.  

 

(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 2018 Results

 

Three Months Ended

 

June 30, 2018

 

March 31, 2018

 

June 30, 2017

 

(In Thousands, Except per Share Amounts)

Revenue before discontinued operations

$

260,072

 

 

$

199,381

 

 

$

179,931

 

Loss before discontinued operations

(12,132

)

 

(21,057

)

 

(7,966

)

Adjusted EBITDA before discontinued operations (1)

46,285

 

 

26,222

 

 

28,865

 

GAAP EPS before discontinued operations attributable to TETRA stockholders

(0.05

)

 

(0.10

)

 

(0.04

)

Adjusted EPS attributable to TETRA stockholders(1)

0.03

 

 

(0.06

)

 

0.02

 

GAAP net cash provided (used) by operating activities

19,134

 

 

(31,261

)

 

19,977

 

TETRA only adjusted free cash flow before discontinued operations (1)

18,018

 

(29,917)

 

11,327

 

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

 

Second Quarter Highlights include:

 

 

Adjusted EBITDA was 17.8% of revenue and increased $20 million (77%) from the first quarter of this year reflecting strong contributions from the recent SwiftWater acquisition, better pricing across the onshore segments, returns from recent capital investments and the benefit of seasonality in our Europe fluids business.  Profit before taxes was a loss of $9.7 million.

 

Water & Flowback Services adjusted EBITDA increased 74% from the first quarter of 2018 to $20 million driven by a full quarter from the SwiftWater acquisition, continued improvements in the water management and flow back operations in multiple basins aided by higher pricing and incremental investments.  Profit before taxes was $8.3 million, 9.9% of revenue.  

 

Completion Fluids & Products adjusted EBITDA increased 122% from the first quarter of 2018 to $13.7 million, driven by the seasonal nature of our Europe Chemicals business and stronger U.S. activity.  Profit before taxes was $10.0 million, 13% of revenue.

 


The following information was filed by Tetra Technologies Inc (TTI) on Thursday, August 9, 2018 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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