Woodlands, Texas-based Tetra Technologies (NYSE: TTI) reported a 17% drop in its third quarter revenue due to a slowing of activity following the Gulf of Mexico oil spill.
Following the ban on deepwater drilling and a lengthy wait to get permits for shallow water drilling, Tetra saw a decrease in business. It will likely be several months before drilling picks up to its previous levels.
Net income for July and September weighed in at $170,000, down from $22.7 million in the previous year. Earnings per share came to 15 cents compared with the Thomson Reuters analyst projection of 20 cents per share.
Revenue during the quarter dropped to $211.9 million, or a decline of 17%, and lower than the analyst projection of $228 million.