TETRA Posts Q2 EPS Excl. Maritech Of $0.06; Lowers FY14 Earnings Guidance

(RTTNews) - TETRA Technologies, Inc. (TTI) reported that its second-quarter net loss to stockholders narrowed to $2.46 million or $0.03 per share from a loss of $2.93 million or $0.04 per share, last year. Net income per share to stockholders excluding Maritech was $0.06, compared to $0.16 prior year.

On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.19 for the quarter. Analysts' estimates typically exclude special items.

Revenues increased to $242.49 million from $221.10 million, prior year. Analysts expected revenue of $249.40 million for the quarter. The company also announced that it is lowering the previously disclosed earnings guidance for the 2014 fiscal year to a range of $0.50 to $0.60 per share, excluding the impact of the Maritech segment, transaction costs, and unusual items. The company said the reduction in earnings guidance is driven primarily by weaker than normal second quarter results for the Offshore Services segment and a slower than expected recovery for the company's Production Testing business. Analysts expect the company to report fiscal 2014 earnings per share of $0.66.