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FOR IMMEDIATE RELEASE
Second Quarter Improvements in Revenue and Results
THE WOODLANDS, Texas, August 8, 2019 / PR Newswire / - TETRA Technologies, Inc. (“TETRA”) (NYSE:TTI) announced consolidated second quarter net loss before discontinued operations of $8.2 million, compared to $18.7 million in the first quarter of 2019 and $12.1 million in the same quarter of last year. Net loss per share before discontinued operations(1) during the second quarter was $0.06 per share and compared to a net loss per share of $0.09 in the first quarter of this year and a net loss per share of $0.05 in the second quarter of 2018. Adjusted per share(2) loss in the second quarter before discontinued operations and excluding special items, was a loss of $0.02 and compares to adjusted per share loss of $0.04 in the first quarter and adjusted earnings per share of $0.03 in the second quarter of 2018.
Brady M. Murphy, TETRA’s Chief Executive Officer, stated, “I’m very pleased with our second quarter performance. We achieved sequential Adjusted EBITDA(2) improvement across all three of our segments and record high gross margins and utilization for our compression services equipment since the acquisition of Compressor Systems, Inc. in 2014. In a challenging macro environment we exceeded $50 million of Adjusted EBITDA, the highest Adjusted EBITDA since the third quarter of 2015.
“Consolidated revenue was $289 million in the second quarter, increasing 18% sequentially and was up 11% year on year despite the North America land rig count declining 5% from the second quarter of last year. Adjusted EBITDA of $50 million was up 38% sequentially and 8% from the second quarter of last year.
“Our Completion Fluids & Products Division is experiencing high demand for our services and products in both the Gulf of Mexico and international offshore markets, with meaningful pricing improvements as reflected in our $14.6 million net income before taxes and 22.4% Adjusted EBITDA as a percent of revenue, which is up sequentially by 560 basis points. During the second quarter we signed a contract to provide TETRA CS Neptune® completion fluids for a deepwater Gulf of Mexico project, with the project expected to be completed towards the end of the third quarter. Furthermore, working with Halliburton and through some of our own initiatives we have been technically qualified or are in the process of qualifying TETRA CS Neptune® completion fluids with six major operators for future projects.
“Water & Flowback Services net income before taxes was $2.5 million. Adjusted EBITDA as a percent of revenue improved sequentially to 14.9% on slightly lower revenue from the first quarter of 2019, as we continue to focus on integrated projects utilizing our automation capabilities. We are also expanding our first large water treatment and recycling facility in the Permian Basin to be able to treat up to 100,000 barrels per day, up from current capacity of 60,000 barrels per day.
“Compression revenue increased sequentially on much higher new equipment shipments and stronger after-market services. Compression services gross margins and utilization were at record highs since the acquisition of Compressor Systems, Inc., driven by increased prices, higher utilization of equipment, cost actions and the deployment of new service equipment at much higher pricing. The overall fundamentals for the Compression business have not changed and the Compression segment remains one of the strongest segments in the industry.”
The following information was filed by Tetra Technologies Inc (TTI) on Thursday, August 8, 2019 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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