TETRA Technologies, Inc. (NYSE:TTI) announced financial results for the recently concluded 3Q2015. As per the reports, the free cash flow of the company was $30.2 million during the quarter. Adjusted earnings per share were $0.17 per share as compared to $0.13 during the same period in 2014. Both the cost figures exclude transaction cost, Maritech charges and other expenses.
Financial & Non-Financial Highlights
The consolidated GAAP earnings available to shareholders were $0.12 against a loss of $0.13 per share during the same time in 2014. As per the reports, these earnings comprised of Maritech and quite a few other charges.
TETRA managed to earn record operating income and EBITDA for the Fluids Division. The company’s free cash flow of $30.2 million excluded $0.8 million of Maritech ARO (asset retirement obligation) expenditures. If taken into consideration the first nine months of 2015, one can see that the total free cash flow was $67.3 million, excluding Martitech asset retirement obligation expenses of $5.2 million.
The net debt of the company came down by $56.8 billion since December 31, 2014. Moreover, TETRA also improved its leverage ratio to 2.02x(3) during the quarter. It was the fourth straight quarter when TETRA managed to improve its leverage ratio. Controlling operating expenses was one of the biggest issues for TETRA during the 3Q2015. It took a host of steps to reduce its operating expenses through employee lay-off, alternative cost management initiatives, price reduction and supplier consolidation.
The senior management team of the company is delighted to announce these financial results and hopes that it will continue to perform like this in the coming quarters as well. According to Stuart M. Brightman, CEO & President, TETRA, the company performed exceptionally well in the September quarter. Although the market unleashed many unforeseen challenges at TETRA during the quarter, it continued its good work like the previous quarter.
It could never be possible without the introduction of new products into the market and continued diversification of consumer base. TETRA Technologies, Inc. (NYSE:TTI) will try to live up to customers expectations in the future also.