Tetra Tech: Q1 2016 Results
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Tetra Tech, Inc. (TTEK) today announced results for the fiscal 2016 first quarter ended December 27, 2015.
The following presents results from ongoing operations1 with year-over-year comparisons on a constant currency basis. Revenue in the quarter was $540 million, and revenue, net of subcontractor costs2 (net revenue), was $414 million, up 3% and 2%, respectively, in the first quarter of fiscal 2016 compared to the same period in fiscal 2015. Operating income was $39 million and diluted earnings per share (EPS) were $0.42, up 1% and 2%, respectively, compared to the first quarter of fiscal 2015. Cash generated from operations was $10 million, up 87% over the prior-year period. Backlog of $1.8 billion was up 5% year over year.
Acquisition of Coffey International Limited
On January 18, 2016, Coffey International Limited (Coffey) officially joined Tetra Tech. Founded in 1959 and headquartered in Sydney, Australia, Coffey has a staff of 3,300 people delivering technical and engineering solutions in international development and geoscience. Coffey significantly expands Tetra Tech’s geographic presence, particularly in Australia and Asia Pacific. For the most recent fiscal year ended June 30, 2015, Coffey reported revenue of approximately US$400 million.
Quarterly Dividend and Share Repurchase Program
On January 25, 2016, Tetra Tech’s Board of Directors declared a quarterly dividend of $0.08 per share payable on February 26, 2016 to stockholders of record as of February 12, 2016. Additionally, the Company has $75 million remaining under the previously approved $200 million share repurchase program.
Comments on Results
Tetra Tech’s Chairman and CEO Dan Batrack commented, “Tetra Tech delivered solid performance for the first quarter of 2016 with growth in revenue, operating income, and EPS from our ongoing operations. Our cash flow from operations remained strong and we continued to return capital to our shareholders through a combination of dividends and share buybacks. In addition, we welcomed Coffey to Tetra Tech last week, which expands our geographic presence and advances us to a world-leading position in international development. With a strong first quarter and the addition of Coffey, we have increased guidance and look forward to a successful 2016.”
The following statements are based on current expectations. These statements are forward-looking and the actual results could differ materially. These statements do not include the potential impact of transactions that may be completed or developments that become evident after the date of this release. The Business Outlook section should be read in conjunction with the information on forward-looking statements at the end of this release.
Tetra Tech is increasing its guidance to include Coffey for eight months of the fiscal year. Tetra Tech expects diluted EPS for the second quarter of fiscal 2016 to be in the range of $0.33 to $0.38. Net revenue for the second quarter is expected to range from $425 million to $475 million. For the fiscal year 2016, diluted EPS is expected to range from $1.75 to $1.95, and net revenue is expected to range from $1.8 billion to $2.0 billion. Cash EPS3 is expected to range from $2.70 to $3.00 for the full year.
About Tetra Tech
Tetra Tech is a leading provider of consulting and engineering services. For 50 years, the Company has supported commercial and government clients focused on water, environment, infrastructure, resource management, energy, and international development. With 16,000 staff worldwide, Tetra Tech provides clear solutions to complex problems. For more information about Tetra Tech, please visit tetratech.com