TETRA Technologies, Inc. (TTI) saw its loss narrow to $2.46 million, or $0.02 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $88.32 million, or $1.11 a share. On an adjusted basis, loss per share was at $0.10 for the quarter compared with loss of $0.24 a share in the same period last year. Revenue during the quarter went down marginally by 0.78 percent to $168 million from $169.33 million in the previous year period. Gross margin for the quarter expanded 577 basis points over the previous year period to 8.49 percent. Operating margin for the quarter stood at negative 8.45 percent as compared to a negative 79.85 percent for the previous year period.
However, the adjusted EBITDA for the quarter stood at $18.28 million compared with $19.42 million in the prior year period. At the same time, adjusted EBITDA margin contracted 59 basis points in the quarter to 10.88 percent from 11.47 percent in the last year period.
Stuart M. Brightman, TETRAs president and chief executive officer, stated, "We believe we are seeing the initial impact of a recovering U.S. onshore market with another improved quarter in the Fluids Divisions water management operations, improved fluids sales in the Gulf of Mexico, and continued but modest improvements in utilization of the compression services fleet. We continue to believe that a recovery in the deep water Gulf of Mexico will lag the onshore recovery. The TETRA CS Neptune fluid project we expected for the first half of 2017 is expected to be completed in the second quarter.
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