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Oil and gas contractor Tetra Technologies Inc. said Friday that it lost $2.5 million in the first quarter because of the reduced value of its gas properties. But its revenue was much higher than analysts expected, driving its stock up nearly 11 percent.

The company reported its net loss amounted to 3 cents per share for the quarter ended March 31 compared to net income of $5.4 million, or 7 cents a share, during the same period last year.

Tetra said its revenue jumped to $222.5 million from $205.9 million a year ago.

Analysts had expected adjusted earnings of 3 cents a share on revenue of $193.9, according to FactSet.

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