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Tetra Tech: Q2 results
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PASADENA, California - Tetra Tech, Inc. (TTEK) announced results for the second quarter ended March 30, 2014 and the initiation of a quarterly dividend.
Second Quarter Results
Revenue in the quarter was $586.3 million compared to $642.0 million in the second quarter last year. Revenue, net of subcontractor costs1, was $456.0 million compared to $520.9 million in the second quarter last year. Operating income was $46.2 million, up 22.6% compared to $37.7 million in the second quarter last year. Diluted earnings per share (EPS) were $0.48, up 26.3% compared to $0.38 in the second quarter last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA2), were $59.3 million, up 9.4% compared to $54.2 million in the second quarter last year. Backlog was $1.8 billion at the end of the second quarter.
Quarterly Dividend Initiation
On April 28, 2014, Tetra Tech’s Board of Directors authorized a quarterly cash dividend and declared an initial quarterly dividend of $0.07 per share payable on June 4, 2014 to stockholders of record as of May 16, 2014.
Commenting on the dividend declaration, Tetra Tech’s Chairman and CEO Dan Batrack said, “Our history of consistent cash flow generation has enabled the Board to approve our first quarterly dividend. On an annual basis, this represents approximately 15% of our free cash flow3, which currently correlates to a 1% yield. Combined with our current share repurchase program, we anticipate returning a minimum of 30% of fiscal 2014 annualized free cash flow to stockholders.”
Six-Month Results
Revenue for the six-month period was $1.2 billion compared to $1.3 billion in the year-ago period. Revenue, net of subcontractor costs, was $939.0 million compared to $1.0 billion in the year-ago period. Operating income was $89.9 million, up 13.1% compared to $79.5 million in the year-ago period. Diluted EPS were $0.90, up 15.4% compared to $0.78 in the year-ago period. EBITDA were $118.7 million, up 9.6% compared to $108.3 million in the year-ago period. Cash generated from operations was $56.2 million compared to $62.0 million in the year-ago period.
Mr. Batrack commented, “In the first half of fiscal 2014, our growth markets in oil & gas, solid waste and industrial water continued to be our strongest markets. In accordance with our strategy to reduce risk in our business, we are continuing to exit select fixed-price construction markets. In the second quarter, we reduced the profit on a project by $14 million that contributed to $21 million of favorable contingent earn-out adjustments. Excluding these items, we finished the quarter with results that were in-line with our expectations and guidance. The strength of our balance sheet provides us with access to over $500 million of capital to grow in strategic markets and support our dividend and buyback programs.”
Business Outlook
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 expects diluted EPS for the third quarter of fiscal 2014 to be in the range of $0.39 to $0.44. Revenue, net of subcontractor costs, for the third quarter is expected to range from $475 million to $525 million. Given the results year to date, Tetra Tech is increasing EPS guidance for fiscal 2014. Diluted EPS guidance is now expected to range from $1.75 to $1.85 and cash EPS4 guidance is unchanged, and is expected to range from $2.30 to $2.60. Revenue, net of subcontractor costs, for fiscal 2014 is now expected to range from $1.9 billion to $2.0 billion due to adverse foreign exchange translation, reduced wind revenue and lower U.S. federal bookings.
About Tetra Tech (www.tetratech.com)
Tetra Tech is a leading provider of consulting, engineering, program management, construction management, and technical services. The Company supports government and commercial clients by providing innovative solutions to complex problems focused on water, environment, energy, infrastructure, and natural resources. With 14,000 staff worldwide, Tetra Tech’s capabilities span the entire project life cycle.
Contact:
Tetra Tech, Inc.
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
626-470-2844
PASADENA, California - Tetra Tech, Inc. (TTEK) announced results for the second quarter ended March 30, 2014 and the initiation of a quarterly dividend.
Second Quarter Results
Revenue in the quarter was $586.3 million compared to $642.0 million in the second quarter last year. Revenue, net of subcontractor costs1, was $456.0 million compared to $520.9 million in the second quarter last year. Operating income was $46.2 million, up 22.6% compared to $37.7 million in the second quarter last year. Diluted earnings per share (EPS) were $0.48, up 26.3% compared to $0.38 in the second quarter last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA2), were $59.3 million, up 9.4% compared to $54.2 million in the second quarter last year. Backlog was $1.8 billion at the end of the second quarter.
Quarterly Dividend Initiation
On April 28, 2014, Tetra Tech’s Board of Directors authorized a quarterly cash dividend and declared an initial quarterly dividend of $0.07 per share payable on June 4, 2014 to stockholders of record as of May 16, 2014.
Commenting on the dividend declaration, Tetra Tech’s Chairman and CEO Dan Batrack said, “Our history of consistent cash flow generation has enabled the Board to approve our first quarterly dividend. On an annual basis, this represents approximately 15% of our free cash flow3, which currently correlates to a 1% yield. Combined with our current share repurchase program, we anticipate returning a minimum of 30% of fiscal 2014 annualized free cash flow to stockholders.”
Six-Month Results
Revenue for the six-month period was $1.2 billion compared to $1.3 billion in the year-ago period. Revenue, net of subcontractor costs, was $939.0 million compared to $1.0 billion in the year-ago period. Operating income was $89.9 million, up 13.1% compared to $79.5 million in the year-ago period. Diluted EPS were $0.90, up 15.4% compared to $0.78 in the year-ago period. EBITDA were $118.7 million, up 9.6% compared to $108.3 million in the year-ago period. Cash generated from operations was $56.2 million compared to $62.0 million in the year-ago period.
Mr. Batrack commented, “In the first half of fiscal 2014, our growth markets in oil & gas, solid waste and industrial water continued to be our strongest markets. In accordance with our strategy to reduce risk in our business, we are continuing to exit select fixed-price construction markets. In the second quarter, we reduced the profit on a project by $14 million that contributed to $21 million of favorable contingent earn-out adjustments. Excluding these items, we finished the quarter with results that were in-line with our expectations and guidance. The strength of our balance sheet provides us with access to over $500 million of capital to grow in strategic markets and support our dividend and buyback programs.”
Business Outlook
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 expects diluted EPS for the third quarter of fiscal 2014 to be in the range of $0.39 to $0.44. Revenue, net of subcontractor costs, for the third quarter is expected to range from $475 million to $525 million. Given the results year to date, Tetra Tech is increasing EPS guidance for fiscal 2014. Diluted EPS guidance is now expected to range from $1.75 to $1.85 and cash EPS4 guidance is unchanged, and is expected to range from $2.30 to $2.60. Revenue, net of subcontractor costs, for fiscal 2014 is now expected to range from $1.9 billion to $2.0 billion due to adverse foreign exchange translation, reduced wind revenue and lower U.S. federal bookings.
About Tetra Tech (www.tetratech.com)
Tetra Tech is a leading provider of consulting, engineering, program management, construction management, and technical services. The Company supports government and commercial clients by providing innovative solutions to complex problems focused on water, environment, energy, infrastructure, and natural resources. With 14,000 staff worldwide, Tetra Tech’s capabilities span the entire project life cycle.
Contact:
Tetra Tech, Inc.
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
626-470-2844