Dublin, Nov. 20, 2024 (GLOBE NEWSWIRE) -- The "U.S. Hand Tools Market Research Report 2024-2029" report has been added to ResearchAndMarkets.com's offering.The U.S. Hand Tools Market was valued at USD 5.46 billion in 2023, and is expected to reach USD 6.84 billion by 2029, rising at a CAGR of 3.83% The U.S. hand tools market is highly competitive and marked by low market concentration, with numerous players vying for market share. Major companies like Stanley Black & Decker, Emerson, Apex Tool Group, Snap- ...

Financial Data and Key Metrics - Q3 2024 revenue was $142 million, down 6% YoY and from Q1 2024 [10] - Adjusted EBITDA for Q3 was $23.5 million, down $2.5 million YoY but up $700,000 from Q1 2024 [10] - Trailing 12 months adjusted EBITDA was $101 million [15] - Trailing 12 months adjusted free cash flow was over $7 million, despite $23 million investment in Arkansas [15] - Current liquidity is approximately $197 million, including a $75 million delayed draw feature for the Arkansas bromine project [15] - Net leverage ratio at the end of Q3 was 1.5x [39] - Return on capital for the trailing 12 months was 16.6%, compared to a weighted average cost of capital of 11%-12% [39] Business Segment Performance Completion Fluids & Products - Q3 adjusted EBITDA margin was 31.7%, with a record 32.1% excluding unrealized gains/losses on investments, up 200 basis points YoY and 80 basis points from Q1 2024 [9][16] - Major deepwater completions fluid award in Brazil, a multi-well, multi-year contract for high-density bromine-based completion fluids [11] - Introduction of TETRA X, a new corrosion inhibitor for high-temperature downhole environments, expected to expand market share [17] - Q4 expected to be comparable to slightly down from Q3 due to hurricane impacts on deepwater completion schedules [18] Water & Flowback Services - Q3 adjusted EBITDA margin was 14.6%, consistent with goals [19] - Record produced water recycling for frac reuse, with another record expected in Q4 [12][21] - Automation efforts are reducing labor costs, the highest cost in this segment, with 20% of the fleet automated and another 20% to be upgraded in 2025 [19][21] - Q4 revenue expected to be down, but margins to remain in the mid-teens due to increased recycling and automation [34] Market Performance - U.S. onshore frac crew activity down close to 25% over the past 18 months, impacting completion-related revenues [19] - Gulf of Mexico remains a technically challenging market, with TETRA recognized as the performance leader by Kimberlite [14] - Brazil deepwater market is growing, with TETRA securing a second major deepwater fluid award in three years [11] Strategic Initiatives and Industry Competition - Focus on automation and technology deployment to enhance efficiency and safety in Water & Flowback Services [20] - Progress in water desalination and beneficial reuse, with pilot projects in the Permian Basin and discussions with multiple major customers [22] - Collaboration with Eos Energy for long-duration energy storage electrolyte, with increased manufacturing capacity to meet demand [23] - Arkansas bromine project has compelling economics, with a $270 million CapEx investment expected to yield $90-$115 million in annual adjusted EBITDA [24] - Lithium project engineering studies ongoing, with a focus on near-term strategic initiatives like TETRA CS Neptune Fluids and PureFlow+ electrolyte shipments [26] Management Commentary on Operating Environment and Future Outlook - Despite hurricane disruptions and lower U.S. land completion activity, Q3 financial performance met expectations [8] - Strong momentum for 2025, driven by deepwater market recovery, automation, produced water recycling, and electrolyte sales [43] - Visibility for Completion Fluids & Products segment is the highest in many years, with a strong backlog for 2025 [30] - Q4 adjusted EBITDA expected to be modestly below Q3, but a material ramp-up is anticipated in Q1 2025 [33] Other Important Information - Industrial chemicals business, primarily calcium chloride, generates approximately $140 million annually, with EBITDA margins around 30% [32] - Marketable securities holdings of over $14 million, including Standard Lithium and Kodiak Gas Services, provide additional liquidity [39] - Cost reduction actions initiated in Q3, including a 6% reduction in SG&A headcount [42] Q&A Session Summary Deepwater Projects and CS Neptune - Additional CS Neptune projects in the Gulf of Mexico are likely in 2025, with discussions ongoing with operators [28][46] - Neptune projects are unique, with no competing offerings in the same price range, making TETRA the preferred choice [47] Water & Flowback Business Outlook - 2025 expected to be flattish in terms of activity, with a focus on margin enhancement through automation and recycling [48] Water Desalination and Bromine Project - Water desalination technology is proprietary, with pre-treatment and post-treatment processes unique to TETRA [64][66] - Bromine project likely to be staged, with initial production targeting 66% of DFS volumes and significant CapEx savings [59][62] Lithium Royalties and Standard Lithium - AOGC ruling on lithium royalties expected soon, with TETRA holding a 2.5% royalty on Standard Lithium's production [69][72] - Standard Lithium received a grant from the Department of Energy and partnered with Equinor, indicating strong future production potential [73][74] Automation and TETRA X - Automation in Water & Flowback Services is well-received, with maximum utilization of automated equipment [83] - TETRA X, a high-temperature corrosion inhibitor, is expected to contribute to premium pricing in high-temperature well markets [86] PureFlow+ Electrolyte Business - TETRA is prepared to meet Eos Energy's demand for PureFlow+ and full electrolyte, with blending capacity expanded in West Memphis [90] - Margins for the electrolyte business are expected to be consistent with the oil and gas sector [92] Middle East Sandstorm Deployment - Sandstorm deployment in the Middle East is progressing, with trials expected in Q1 2025 [94]

Tetra Technologies (TTI) came out with quarterly earnings of $0.03 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this oil and gas services company would post earnings of $0.10 per share when it actually produced earnings of $0.07, delivering a surprise of -30%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Tetra T ...

Third-quarter revenue of $142 million GAAP income before taxes and discontinued operations of $7.6 million and EPS from continuing operations of $0.02 Adjusted EBITDA of $23.5 million and adjusted net income per share of $0.03 Net cash provided by operating activities of $19.9 million, total adjusted free cash flow of $7.4 million, base business adjusted free cash flow(1) of $16.0 millionTHE WOODLANDS, Texas, Oct. 29, 2024 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) today ...

Analyst's Disclosure: I/we have a beneficial long position in the shares of TTI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any in ...

The market expects Tetra Technologies (TTI) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be r ...

Company Overview - TETRA Technologies, Inc. is an energy services and solutions company focused on environmentally conscious services and solutions [2] - The company operates on six continents and has a portfolio that includes Energy Services, Industrial Chemicals, and Lithium Ventures [2] - TETRA provides products and services to the oil and gas industry and calcium chloride for diverse applications, while also expanding into the low-carbon energy market [2] Upcoming Event - TETRA's senior management will participate in The MicroCap Rodeo Fall Conference in New York on October 16, 2024 [1] - CEO Brady Murphy and CFO Elijio Serrano will present at 2:30 P.M. and host one-on-one meetings from 8:00 A.M. to 4:00 P.M. (ET) on the same day [1]

Company Announcement - TETRA Technologies, Inc. will release its third quarter results after market close on October 29, 2024 [1] - A conference call to discuss the results will be held on October 30, 2024, at 10:30 a.m. Eastern Time, hosted by President and CEO Brady M. Murphy and Senior Vice President and CFO Elijio V. Serrano [1] Conference Call Details - Interested parties can listen to the conference call by calling the toll-free number 1-800-836-8184 or via live audio webcast [2] - A replay of the conference call will be available for one week following the call at 1-888-660-6345 with conference number 57089, and the archived webcast will be accessible through the company's website for thirty days [2] Company Overview - TETRA Technologies operates globally, focusing on bromine-based completion fluids, calcium chloride, water management solutions, frac flowback, and production well testing services [3] - The company is expanding into low carbon energy markets, leveraging its chemistry expertise and mineral resources, including the commercialization of TETRA PureFlow® ultra-pure zinc bromide for energy storage [3] - TETRA is also developing its lithium and bromine mineral acreage to meet the increasing demand for oil and gas products and energy storage solutions [3]

Overview of the Recent Transaction On September 30, 2024, Neuberger Berman Group LLC, a prominent investment management firm, expanded its portfolio by acquiring an additional 575,097 shares of Tetra Technologies Inc (TTI, Financial). This transaction increased the firm's total holdings in TTI to 8,393,900 shares, reflecting a significant commitment to the oil and gas services company. The shares were purchased at a price of $3.10 each, marking a strategic addition to Neuberger Berman's diverse investment p ...

Company Overview - TETRA Technologies, Inc. (TTI) is currently experiencing significant attention in the options market, particularly with the Sep 20, 2024 $2 Call option showing high implied volatility, indicating expectations of a substantial price movement [1] Implied Volatility Insights - Implied volatility reflects market expectations for future price movements, with high levels suggesting potential upcoming events that could lead to significant price changes [2] - The current high implied volatility for TETRA Technologies may indicate that traders are anticipating a major price movement, which could be due to an impending event [2] Analyst Sentiment - TETRA Technologies holds a Zacks Rank of 4 (Sell) within the Oil and Gas - Field Services industry, which is positioned in the bottom 10% of the Zacks Industry Rank [3] - Over the past 30 days, no analysts have raised their earnings estimates for TETRA Technologies, while two analysts have lowered their estimates, resulting in a decrease in the Zacks Consensus Estimate for the current quarter from 7 cents per share to 4 cents [3] Trading Strategy Implications - The high implied volatility may present a trading opportunity, as seasoned options traders often seek to sell premium on options with elevated implied volatility, aiming to benefit from the decay of the option's value [4]