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Sep 30, 2023
TETRA Q3 2023 Earnings Report
Announced third quarter 2023 financial results, showing revenue growth and improved profitability.
Key Takeaways
TETRA Technologies reported a strong third quarter with a 12% year-over-year increase in revenue, improved net income, and significant growth in adjusted EBITDA. The company also achieved a key milestone with the approval of its Arkansas brine unit application and positive results from its second test well.
Third quarter revenue increased 12% year-over-year to $151.5 million.
Net income before discontinued operations improved to $5.5 million.
Adjusted EBITDA increased 40% year-over-year to $26.1 million.
The Arkansas Oil & Gas Commission approved the 6,138 acre joint brine unit application.
Forward Guidance
TETRA anticipates strong cash from operating activities and Adjusted Free Cash Flow in the fourth quarter of 2023, driven by the EPF sale and working capital improvements. Total year 2023 cash from operating activities is expected to be between $70 million and $79 million, while Adjusted Free Cash Flow is expected to be between $35 million and $40 million.
Positive Outlook
- Strong cash from operating activities expected in Q4.
- Adjusted Free Cash Flow expected to be strong in Q4.
- Cash proceeds from the EPF sale will boost cash flow.
- Working capital improvements are expected.
- Full year 2023 cash from operating activities is expected to be between $70 million and $79 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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