TETRA Tech Sees Q4 Adj. EPS Below View; To Buy WIT Water Transfer - Quick Facts

(RTTNews) - TETRA Technologies Inc. (TTI) announced that it expects to report adjusted earnings per share for fourth quarter 2013 of $0.10 to $0.12 per share, excluding a loss in the Maritech segment and certain unusual items that together are expected to aggregate to a quarterly loss of approximately $0.25 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $0.17 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Fourth quarter 2013 results reflect: continued weakness in the Company's North American production testing operations; customer delays in certain deepwater completion fluids projects in the Gulf of Mexico; inclement weather conditions which delayed decommissioning work on certain Maritech properties and also affected its North American onshore operations; and early progress in expansion of the Company's customer base following recent additions to the senior sales staff.

Including such items and the Maritech segment's loss, the company expects loss per share to be in the range of $0.13 to $0.15 per share in fourth quarter 2013.

Excluding an expected loss from the continued winding-down of the Maritech segment, earnings from continuing operations attributable to stockholders is anticipated to be in the range of $0.80 to $0.90 per share for 2014. Analysts project annual earnings per share of $0.92.

For 2014, the company projects consolidated earnings per share to be in the range of $0.79 - $0.89. The company expects net income attributable to stockholders to be between $63.5 million and $71.6 million.

The company noted that it will publish fourth quarter and full year results in the February 28th earnings release.

In a separate press release, TETRA Technologies announced that it has acquired the assets of WIT Water Transfer, LLC, d.b.a. TD Water Transfer.

WIT provides water management services with operational centers in Tilden and Carrizo Springs, TX, serving the Eagle Ford shale, and in Pecos, TX, serving the Permian Basin. Additionally, WIT has an operational center in Williston, ND, serving the Bakken shale. Established in 2011, WIT is a leading player in the South Texas water transfer business.

In connection with this transaction, TETRA has entered into an agreement with Dragon Products that will allow TETRA to expand the range of its water impoundment services for its North American operations. This agreement will allow TETRA to offer Dragon Products systems in 12,000, 24,000 and 42,000 barrel configurations.