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Dec 31, 2023
TETRA Q4 2023 Earnings Report
Announced fourth quarter and total year 2023 results, with revenue increasing 4% year-over-year and adjusted EBITDA increasing 19% year-over-year.
Key Takeaways
TETRA Technologies reported a 4% year-over-year increase in fourth quarter revenue to $153.1 million. The company's adjusted net income from continuing operations improved by 51% year-over-year to $3.8 million, with adjusted EPS at $0.03. Adjusted EBITDA increased by 19% year-over-year to $24.1 million. Net loss before discontinued operations was $4.2 million, with a net loss per share of $0.03. Net cash provided by operating activities was $19 million, and adjusted free cash flow was $20 million.
Fourth quarter revenue increased 4% year-over-year to $153.1 million.
Adjusted net income from continuing operations was $3.8 million, a 51% year-over-year improvement.
Adjusted EBITDA increased 19% year-over-year to $24.1 million.
Net cash provided by operating activities was $19 million, while adjusted free cash flow was $20 million.
Revenue by Segment
Forward Guidance
The company anticipates further growth in 2024 and expects to continue to generate strong free cash flow from its base business to fund investments in its Arkansas projects.
Positive Outlook
- Strong recovery in chemicals business.
- Continued strong activity in offshore completion fluids business.
- Modest growth in Water & Flowback Services segment.
- Recently completed the engineering design for our first produced water desalination plant for beneficial re-use applications.
- Expect to see a material ramp up in electrolyte deliveries during the second half of 2024.
Challenges Ahead
- Water & Flowback Services business experienced a slowdown as several customers paused activity over the holidays.
- Some year-end customer destocking activity in our industrial chemicals business resulted in lower activity.
- Lower Adjusted EBITDA compared to the third quarter.
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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