Exhibit 99.1

FOR MMEDIATE RELEASE

 

 

 

 

 

 

 

 

TETRA TECHNOLOGIES, INC.'S PORTFOLIO MIX AND COMPLETION FLUIDS & PRODUCTS SEGMENT DRIVE STRONG FIRST QUARTER 2020 RESULTS

 

THE WOODLANDS, Texas, May 5, 2020 / PR Newswire / - TETRA Technologies, Inc. (“TETRA” or the “Company”) (NYSE:TTI) today announced consolidated net loss before discontinued operations of $10 million in the first quarter 2020, compared to a loss of $114 million in the fourth quarter of 2019 and a loss of $19 million in the first quarter of 2019. Net loss per share before discontinued operations attributable to TETRA shareholders during the first quarter was $0.01, compared to a loss of $0.91 in the fourth quarter of 2019 and a loss of $0.09 in the first quarter of 2019. TETRA’s adjusted per share earnings before discontinued operations and excluding special items, was $0.02 in the first quarter, compared to earnings of $0.03 in the fourth quarter 2019 and a loss of $0.08 in the first quarter of 2019.

 

First quarter 2020 revenue was $223 million, a decrease of 14% over the fourth quarter of 2019 and a decrease of 9% compared to the first quarter of 2019. TETRA Only net cash from operating activities generated $8.8 million in the first quarter of 2020 compared to $5.3 million in fourth quarter of 2019 and a use of $24.2 million in the first quarter of last year. Our total consolidated net loss before discontinued operations over the last two quarters was $124 million.

 

First quarter 2020 income (loss) before tax by segment was $19.4 million for Completion Fluids & Products, $(2.2) million for Water & Flowback Services and $(12.8) million for Compression.

 

This press release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”): Adjusted earnings per share attributable to TETRA stockholders, Adjusted EBITDA, and Adjusted EBITDA Margin on consolidated and segment basis, Adjusted income (loss) before tax, TETRA-only adjusted free cash flow from continuing operations, and net debt.  Please see Schedules E-K for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

 

 First Quarter 2020 Highlights

 

 

Adjusted EBITDA on a consolidated basis before discontinued operations of $48 million, our highest first quarter Adjusted EBITDA in 5 years and a 33% year-on-year quarterly improvement

 

Completion Fluids & Products achieved $21.6 million of Adjusted EBITDA and 25.8% income before tax margin, up from $10.4 million and 10.0%, respectively, from first quarter of 2019

 

Water & Flowback Services Adjusted EBITDA increased sequentially by $1.2 million on flat revenue

 

TETRA Only adjusted free cash flow from continuing operations was $4.7 million, above previous guidance and nearly a $40 million improvement over the same period last year

 

Implemented multiple cost cutting initiatives to address the current downturn

 

Brady M. Murphy, TETRA’s Chief Executive Officer stated, “TETRA’s first quarter 2020 results, with the highest first quarter Adjusted EBITDA in five years and year-on-year Adjusted EBITDA improvement of 33%, are a great reflection of the successful strategies we have implemented and tremendous execution by our management team and dedicated employees. We understand very well that due to the COVID-19 pandemic the world has changed in a very short period of time since we ended our first quarter, but with TETRA Only adjusted free cash flow improvement of nearly $40 million in the first quarter of 2020 as compared to the same period last year, we believe we have positioned ourselves well for a deep and potentially prolonged downturn. The rapid and unprecedented downturn we are in requires significant cost cutting and sacrifice from every employee, but we will continue our path of differentiating the Company through innovation and service delivery for each of our business lines so that when the inevitable recovery does come, we will be well positioned to build on our excellent results demonstrated in the past two quarters where combined we delivered over $100 million of Adjusted EBITDA.

 


The following information was filed by Tetra Technologies Inc (TTI) on Tuesday, May 5, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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