The following is a summary of the TETRA Technologies, Inc. (TTI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TETRA Technology witnessed 3% year-on-year revenue growth, with an adjusted EBITDA increase of 11%.

• The company reported an adjusted EBITDA of $22.8 million and adjusted EBITDA margins for Completion Fluids & Products at 28.1%.

• Revenues for Water & Flowback Services fell by 5% year-on-year, leading to a $5.8 million reduction in adjusted EBITDA.

• The firm anticipates achieving over $30 million in adjusted EBITDA for Q2 2024 and expects free cash flow to be over $40 million for the year.

Business Progress:

• The company's Completion Fluids & Products saw increased activity in the Gulf of Mexico and the Middle East, enhancing adjusted EBITDA by 20% sequentially.

• TETRA Technology is preparing for increased offshore and deepwater activity through strategic capacity investments in Brazil, the Gulf of Mexico, and the North Sea, indicating a bullish outlook for deepwater market growth.

• Plans are in place to have the first commercial desalination contract for beneficial reuse operational by 2025 and to have the Arkansas Bromine Plant operational by 2026.

• They seek to improve margins through implementing automation technology in water services and flowback businesses, targeting a 20% margin level by 2025.

• TETRA Technology expects to further its growth in 2024 and generate strong free cash flow from their base business, suggesting a positive future performance.

More details: Tetra Technologies IR

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