Tetra Technologies, Inc. (NYSE: TTI) recently announced its operational and financial reports for the second quarter of 2021. The company’s revenue for the period was $102 million, a 32% sequential increase from the first quarter.
Successful second quarter
The revenue growth reflected improvements by all business segments, including Northern Europe chemicals sales’ seasonal peak. As a result, net loss before discontinued operations was $6.7 million, including $4.7 million of non-recurring charges and expenses. This is a significant decrease from the $11.9 million in net loss before operations in 1Q2021, including $6.6 million of non-recurring expenses.
In the same period, net loss from continuing operations was $0.05 per share. The net loss per share excluding non-recurring charges and expenses was $0.02. On the other hand, adjusted EBITDA excluding non-recurring costs was $13 million and included a $1.6 million benefit from the company’s increase in equity ownership in Standard Lithium Ltd (NYSEAMERICAN: SLI) and CSI Compressco LP (NASDAQ: CCLP), where it owns 1.1% and 10.9% respectively.
2Q2021 EBITDA was 44% higher than 1Q2021, a reflection of robust performance in both business segments. Cash flow from operating activities in 2Q2021 was $1.8 million, compared to $5.8 million in 1Q2021. Adjusted free cash flow from continuing operations was $4.5 million, a reflection of the buildup in working capital from higher activity levels at the end of 2Q2021. This is in comparison to the adjusted free cash flow of $5.4 million in 1Q2021.
First international fluids job
According to Brady Murphy, the company’s CEO, the company achieved good overall revenue and EBITDA in the first quarter and even more so in the second quarter. June marked the company’s highest revenue and Adjusted EBITDA since the first quarter of 2020. This is partly attributed to the rise in demand for International and Gulf of Mexico fluids witnessed the same month. The company completed its first international TETRA CS Neptune fluids job in July. He added that the company expects to see a recovery in its North American onshore business with better prices and continued activity in its international fluids business.
