TETRA Technologies Reports Mixed Q3 Results and Brazil Contract Win

Tetra Technologies ( (TTI) ) has realeased its Q3 earnings. Here is a breakdown of the information Tetra Technologies presented to its investors.

TETRA Technologies, Inc. operates in the energy services and solutions sector, focusing on providing environmentally friendly services and products to the oil and gas industry, as well as expanding into the low-carbon energy market. The company is recognized for its global operations and commitment to sustainable energy solutions.

In its third-quarter 2024 earnings report, TETRA Technologies announced a significant contract win in Brazil’s deepwater sector, alongside a mixed financial performance. Despite facing challenges such as hurricanes in the Gulf of Mexico and weaker U.S. onshore activity, the company achieved revenue of $142 million and maintained a positive cash flow.

Key financial highlights include a GAAP income before taxes of $7.6 million and an adjusted EBITDA of $23.5 million. The company’s adjusted net income per share was $0.03, with a total adjusted free cash flow of $7.4 million. TETRA also expanded its deepwater backlog with a multi-year contract in Brazil, reinforcing its leadership in the high-density offshore completion fluids market.

Looking ahead, TETRA is preparing for a strong start to 2025 by increasing its bromine-based fluids inventory and pursuing strategic initiatives in the energy storage sector. The company aims to capitalize on anticipated demand and continue its focus on automation technology in water and flowback services.

TETRA Technologies remains cautiously optimistic about its future performance, with plans to manage costs and optimize operations in response to expected slower U.S. onshore activity. The strategic focus on deepwater projects and innovative solutions positions the company for potential growth in the coming year.