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FOR IMMEDIATE RELEASE
FOURTH QUARTER AND FULL YEAR 2019 RESULTS
THE WOODLANDS, Texas, February 27, 2020 / PR Newswire / - TETRA Technologies, Inc. (“TETRA” or the “Company”) (NYSE:TTI) today announced consolidatednet loss before discontinued operations of $114 million in the fourth quarter 2019, compared to a loss of $9 million in the third quarter of 2019 and income of $3 million in the fourth quarter of 2018. Net loss per share before discontinued operations attributable to TETRA shareholders during the fourth quarter was $0.91, compared to a loss of $0.06 in the third quarter of 2019 and income of $0.04 in the fourth quarter of 2018.
TETRA’s adjusted per share earnings before discontinued operations and excluding special items(1), was $0.03 in the fourth quarter, compared to a loss of $0.02 in the third quarter 2019 and a loss of $0.01 in the fourth quarter of 2018.
Fourth quarter 2019 revenue was $259 million, an increase of 5% over the third quarter of 2019 but a decrease of 8% compared to the fourth quarter of 2018. Total year 2019 revenue was $1.038 billion, an increase of 4% over 2018.
Adjusted EBITDA(1) on a consolidated basis was $55 million in the fourth quarter, up 18% from $46 million in the third quarter reflecting the benefit of a TETRA CS Neptune® completion fluids (“CS Neptune”) project and overall strong completion fluids sales in international markets, partially offset by weaker U.S. land Water & Flowback Services activity. Profit (loss) before tax margin for the fourth quarter was negative 43.9% compared to a negative 3.0% for the third quarter. Fourth quarter results were impacted by $117 million non-cash expense for fixed assets, intangibles and goodwill impairments. Adjusted EBITDA on a consolidated basis as a percentage of revenue (“Adjusted EBITDA margin”)(1) improved to 21.0%, up from 18.8% in the third quarter of 2019.
Brady M. Murphy, TETRA’s Chief Executive Officer, stated, “We ended the year in a very challenging energy services market with our best quarterly financial performance in over four years as reflected in Adjusted EBITDA, driven by the CS Neptune project in the Gulf of Mexico, continued strong international offshore completion fluid activity and near record Adjusted EBITDA from our Compression segment. While North America land drilling and completion activity saw a sharp decline in the fourth quarter of 2019 as evidenced by the rig count declining approximately 25% from year-end 2018, our vertically integrated business model in Completion Fluids & Products and in Compression plus our diverse business portfolio including offshore and international markets, helped us navigate this difficult environment. Our strategy to differentiate in areas where we compete is evident in our fourth quarter results and, coupled with continued capital discipline, has allowed us to achieve this strong performance.
“Our fourth quarter results reflect great progress on our key objectives, which we have highlighted during our previous calls. Our technology leadership in high-end completion fluids combined with our long-term key supply agreements helped us deliver one of the strongest quarters for our Completion Fluids & Products business based on our key financial measures. We continue to grow our international offshore business with the award of three major non-CS Neptune completion fluids projects in Asia-Pacific, West Africa and Brazil that are scheduled for completion in 2020. We are currently in various stages of testing and qualification of CS Neptune for seven different potential customer projects.
The following information was filed by Tetra Technologies Inc (TTI) on Thursday, February 27, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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