Tetra Technologies reports Q1 EPS 5c ex-items, consensus 3c

Reports Q1 revenue $151M, consensus $153.65M. Brady Murphy, TETRA President and CEO, stated, “Overall Q1 results were in-line with our expectations as Completion Fluids and Products Adjusted EBITDA margins of 28.1% more than offset an anticipated weaker Water & Flowback Services start to the year. We are very encouraged with the deepwater projects that are lining up for the year and the impact that those have on our high-value completion fluids business. We also expect Water & Flowback Services Adjusted EBITDA margins to rebound to the mid-teens in the second quarter. Each of our strategic initiatives, including the desalination of produced water for beneficial re-use, Eos Energy Enterprises high duration battery electrolyte ramp-up in the second half of 2024, completion of a Definitive Feasibility Study for the Arkansas bromine processing facility and a negotiated lithium joint venture with ExxonMobil for the Evergreen Brine Unit, are all advancing in very positive directions. With an improving base business and exciting strategic initiatives that are coming into focus, we are very encouraged with the outlook for 2024 and beyond. Additionally, during the Q1 we completed the refinancing of our term loan which secured the required capital for our bromine project and extended the term loan maturity to 2030.”