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TETRA Technologies, Inc. (TTI) Stock Surged 9.36% Today, Here’s Why  

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TETRA Technologies, Inc. (TTI) stock soared 9.36% in the current-market trading session at the price of $3.74 despite no fundamental reason. The last reported news was its financial results for the second quarter of 2021. TTI is an oil & gas services company centered on bromine-based fluids, calcium chloride, frac flow back, and water management solutions. 

TTI Second Quarter 2021 Financial Results 

On 2nd August 2021, TTI reported its second-quarter 2021 financial results and provided business updates.  

Financial Highlights 

For the second quarter that ended 30th June 2021, the total revenue was $102 million. It represents a sequential gain of 32% over the first quarter that ended 31st March 2021. The company reported a net loss of $6.7 million for the second quarter of 2021. Net loss was $11.9 million in the first quarter of 2021, with $6.6 million in non-recurring charges and expenses. Net loss per share in the second quarter was $0.05. The net loss per share from continuing operations was $0.02, excluding the non-recurring charges and expenses.  

TTI reported an adjusted EBITDA of $13.0 million, excluding non-recurring charges, a gain of 44% from the first quarter of 2021. It includes a $1.6 million benefit from TETRA’s equity ownership in CSI Compressco LP and Standard Lithium. The gain resulted from the high operational performance of both business groups. In the second quarter ended on 30th June 2021, cash flow from operating activities was $1.8 million. Cash flow was $5.8 million in the first quarter ended 31st March 2021. In the second quarter of 2021, adjusted free cash flow was $4.5 million reflecting a buildup in working capital from a higher activity level. In the first quarter of 2021, free cash flow from continuing operations was $5.4 million.  

Management Comments: 

Chief Executive Officer of TTI, Brady Murphy, remarked that they had obtained excellent revenue and EBITDA growth during the second quarter of 2021. It reflects sequential developments in all of their business groups. The company have achieved notable milestones and is very optimistic about its future outlook. They saw a significant rise in demand for international and Gulf of Mexico Completion Fluids. For the second half of the year, they anticipate seeing a continued recovery in the North American onshore business with higher prices and continued activity in their international fluids business. Moving towards 2022, the company expects a stronger market recovery of all of their segments, he added.  

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