Wednesday, May 9, 2012

Tetra Technologies (NYSE: TTI) 1st-qtr misses on lower demand

Tetra Technologies (NYSE: TTI) 1st-qtr misses on lower demandNorthern, WI 5/9/12 (StreetBeat) -- Oilfield services provider Tetra Technologies Inc (NYSE: TTI) posted lower-than-expected quarterly results as unfavorable weather in the Gulf of Mexico hurt its offshore business and low natural gas prices affected demand for its U.S. onshore services.

Tetra Tech's shares fell 14 percent to $7.02, their lowest in seven months, on the New York Stock Exchange.

Natural gas prices have fallen 40 percent from a year ago in the January-March quarter, averaging about $2.5 per million British thermal unit.

Depressed natural gas prices prompted oil and gas companies to curtail gas-focused drilling, resulting in lower demand at Tetra's key Fluids Division.

The division, which uses liquid and gaseous fluids and mixtures to drill boreholes into the earth, posted a 5 percent drop in revenue to $61 million, compared to the fourth quarter.

Tetra's January-March profit was $681,000, or 1 cent per share, compared with the 3 cents analysts expected.

It had a loss of $2.5 million, or 3 cents per share, in the year-ago quarter.

Revenue fell 19 percent to $180.8 million, missing analysts' average estimate of $192.1 million, according to Thomson Reuters I/B/E/S.

Revenue at Tetra's offshore division fell by 55 percent to $40.4 million. Last May, it had sold assets of its Maritech Resources unit that acquires and develops properties in the Gulf of Mexico.

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