Tetra Tech’s quarterly profit plunges 68%

NEW YORK (MarketWatch) — Tetra Technologies Inc. said Monday its first-quarter net income fell 67.7% to $6.69 million, or 9 cents a share, from $20.7 million, or 29 cents a share in the year-ago period. Excluding discontinued operations, the Woodlands, Texas-based chemicals manufacturer said it earned 10 cents a share in the recent quarter. Analysts polled by FactSet Research expected, on average, first-quarter earnings of 17 cents a share. Tetra said its total quarterly revenue fell to $225.2 million from $243.6 million last year. The shortfall was due to poor weather, said Chief Executive Geoffrey Hertel in a statement. Shares of Tetra closed Friday at $18.61, up 3.1%.
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Original post by Forextvblog

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