TETRA Technologies (TTI) has reported an adjusted Q1 2014 loss of $0.04 per share, down from income of $0.06 per share in Q1 2013 and missing analyst estimates of a profit of $0.05. Total revenues were $212.85 million, up from $208.55 million in Q1 2013 but missing analyst projections of $217.56 million.
“Our adjusted first quarter 2014 loss of $(0.04) per share reflects the negative impact of weather on our U.S. operations, a continued delay in increased activity in the U.S. and Mexico for our testing business, and delays in certain deepwater Gulf of Mexico fluids projects,” said Stuart M. Brightman, TETRA’s President and Chief Executive Officer. “Overall, we believe that, with the exception of the Production Testing segment, all of our operating segments will continue to perform in-line with our previously announced annual guidance. For our Production Testing segment, revenue recovery continues to be slower than we previously anticipated.”
Shares of TTI are down $0.27, or 2.19%, at $12.06 in pre-market trading with a 52-week range of $8.19 – $13.43.
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