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Mar 31, 2024
TETRA Q1 2024 Earnings Report
Announced first quarter 2024 financial results with revenue increase and strategic initiatives advancing.
Key Takeaways
TETRA Technologies reported a 3% year-over-year increase in first-quarter revenue to $151 million. Net income was $915,000, or $0.01 per share, with adjusted EPS at $0.05. The company refinanced its term loan, extending the maturity to 2030, and is progressing with strategic initiatives including bromine and lithium projects.
First quarter revenue increased 3% year-over-year to $151 million.
Net income for the first quarter was $915,000, with earnings per share at $0.01.
Adjusted EBITDA increased 11% year-over-year to $22.8 million.
Term loan was refinanced, providing capital for the bromine project and extending maturity to 2030.
Revenue by Segment
Forward Guidance
The company anticipates Water & Flowback Services revenues to align more closely with pre-year-end activity levels, expects Adjusted EBITDA margins to return to the mid-teens, and foresees strong momentum in offshore activity and a ramp-up in the industrial chemicals business for its seasonal peak.
Positive Outlook
- Water & Flowback Services revenues are expected to align more closely with pre-year-end activity levels.
- Adjusted EBITDA margins are anticipated to return to the mid-teens.
- Offshore activity is expected to continue with strong momentum.
- The industrial chemicals business is ramping up for its seasonal peak.
- Completion Fluids & Products expects strong performance in the first half of 2024.
Challenges Ahead
- Lower Flowback activity impacted margins for the quarter.
- One-time costs in Water Services business affected margins.
- Accounts receivable increased $20.6 million due to the timing of revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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